Priti International board approves issuance on equity shares on preferential basis

The Board of Directors of Priti International Limited have approved the issuance of 30,11,000 convertible warrants into 30,11,000 equity shares with a face value of Rs 10 each, a company statement said.

“Each warrant was convertible to one equity shares at any given point in time during the period of 18 months. A total of 88 entities have been awarded with the preferential equity shares,” the company statement added.

Investors including Shankar Sharma, Porinju Veliyath's Equity Intelligence Fund, Emerging Opportunites, Ashish Chugh and Occulus Capital Growth Fund have subscribed to the issue.

The company has informed the bourses about the meeting of board of directors to be scheduled on June 22, 2022 to consider and approve the fundraising plans through issue of shares or warrants on preferential basis.

Also, the company will hold its Extraordinary General Meeting (EGM) on July 20, 2022, as per a statement from company.

Commenting on the development, Ritesh Lohiya, CEO, Priti International Limited said, "We have strong fundamentals with a sound balance sheet, where we always try to create and add more value to our customers and shareholders. It is highly delightful that some of the bigshots of Dalal Street have shown their keen interest in our preferential issue and subscribed to it. We have delivered decent appreciation for the investor's capital and aim to continue to do so in the future as well. Profitability in our books is our key priority."