GG Engineering approves conversion of 5 crore warrants into equity shares

GG Engineering, a micro-cap company with a market cap of around Rs 310 crore, has informed exchanges that its board of directors has approved the conversion of 5 crore warrants into an equal number of equity shares at an issue price of Rs 1.32 each.

"The Board of Directors of the Company in their meeting held today i.e. Thursday, May 23, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 5,00,00,000 warrants into 5,00,00,000 equity shares at an issue price of Rs. 1.32/- each (including a premium of Rs. 0.32/- each), to the following allottee in the category of “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 4,95,00,000/- (Rupees Four Crores and Ninty-Five Lakhs Only) at the rate of Rs. 0.99 (Ninety-Nine Paise only) per warrant "

Consequent to today's conversation of warrants of equity shares, the issued and paid-up capital of the company stands increased to Rs 158,44,98,800 consisting of 158,44,98,800 equity shares of Re 1 each.

Earlier, the infrastructure major announced that its board of directors has approved the allotment of equity shares on the conversion of 13,50,00,000 warrants into an equal number of equity shares. 

These warrants were issued to promoters and promoter group and non-promoters/public category, on a preferential basis, at an issue price of Rs 1.32 per warrant on payment of Rs 0.33 per warrant - which is 25 per cent of the issue price.