This company finalises allotment of 9 lakh equities - Check details

Smallcap company Rushil Decor has finalised the allotment of 9 lakh equities upon warrant conversions post sub-division of the face value. 

"The Fund raising committee of Board of Directors of the Company has considered and approved the allotment of 9,00,000 equity shares of face value of Re 1 each, at a premium of Rs 28.70 per share... exercise and conversion of 9,00,000 convertible warrants against receipt of the balance subscription amount (i.e. 75% of the issue price) to the allottees," the filing.

Earlier, the company said that it has acquired a manufacturing plant in Bengaluru and formed a joint venture with its promoters to establish Rushil Eco Ply Limited. According to the company, Rushil will have a 51 per cent stake in the subsidiary - Rushil Eco Ply Limited.

The company will also invest around Rs 20 crore in the subsidiary which will help Rushil expand its capacity for producing eco-friendly plywood.