This distilleries major approves warrants conversion - Check Details

Distilleries major BCL Industries has announced that its board of directors has approved the conversion of over 26 lakh warrants into equities. The ethanol maker said that the board considered and approved the allotment of 26,70,000 equity shares of Re 1 face value as fully paid-up shares at a price of Rs 36 per equity share (after adjusting the 10:1 sub-division) upon receipt of amount aggregating to Rs 7.20 crore.

"allotment of 26,70,000 Equity shares of the face value of Rs.1/-each as fully paid-up shares at a price of Rs. 36/- per equity share (including premium of Rs. 35/share), consequent upon the conversion of 2,67,000 Warrants issued earlier for Rs. 360/-, after adjusting the number of shares, paid-up capital per share and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each upon receipt of an amount aggregating to Rs. 7,20,90,000," the company said in an exchange filing.

Earlier, the company had issued a total of 54,66,334 warrants in March 2023 at an issue price of Rs 360 apiece.

These warrants were allotted on March 4, 2023 carrying a right to subscribe to one equity share per warrant on receipt of amount at the rate of Rs 90 per warrant (being 25 per cent of the issue price per warrant).