PCBL soars over 5.80% after its board's approves issuance of 1.60 cr warrants; to raise Rs 448 cr

PCBL Share Price: PCBL Ltd raced to over 5.80 per cent in morning deals on BSE on Thursday (March 28, 2024) as the largest carbon black manufacturer's board approved the issuance of 1.60 crore warrants.

The stock that closed at Rs 264.50 on Wednesday opened at Rs 275.15 on Thursday and jumped to the day's high of Rs 279.90, a 5.82 per cent rise from the previous close.

The stock was trading up by 2.84 per cent, or Rs 7.50, at Rs 272.00 at 10:22 am on Thursday.

The company will raise Rs 448 crore by issuing warrants to promoter group.

In a statement on Wednesday, PBCL said that the company has "approved issuance of up to 1,60,00,000 warrants of the Company at a price of Rs. 280/- (Rupees two hundred and eighty only) per Warrant ("Warrant”), aggregating to Rs. 448,00,00,000/- (Rupees four hundred and forty eight crores only) to Rainbow Investments Limited, Quest Capital Markets Limited and Stel Holdings Limited (the "Proposed Allottees") on preferential basis, for cash consideration ("Preferential Allotment")."