MICL approves conversion of 9.37 lakh warrants

Man Infraconstruction Limited has informed exchanges that its Allotment Committee has approved the conversion of 9,37,760 convertible warrants into an equal number of equity shares. 

According to the information shares, the conversion was made on a preferential basis upon receipt of Rs 10.90 crore at the rate of Rs 116.25 per warrant. 

The allotted equity shares rank pari-passu with the existing equity shares of the company. 

Following this allotment, the subscribed and paid-up capital of the company increased from Rs 74,25,00,810 to Rs 74,43,76,330. 

"3,41,08,340 total Warrants are outstanding for conversion and these warrant holders are entitled to get their Warrants converted into an equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 116.25 per Warrant within 18 months from the date of allotment of Warrants," the company exchange filing reads.