Ganesh Benzoplast sinks 5% after allotting ~1.06cr equity shares aggregating to Rs65.57cr

Stolt Nielsen Singapore acquires 61 lakh equity shares of Ganesh Benzoplast by way of preferential issue. Total eight investors acquire equity shares in the company.

Nov 18, 2020 10:11 IST India Infoline News Service

Bear Market
The Board of Directors of Ganesh Benzoplast Limited (GBL) at their meeting held on November 17, 2020 considered and approved the issue and allotment of 1.06cr equity shares. The equity shares will be of face value of Re. 1/- each, for consideration other than cash, at a price of Rs62/- per equity share (including a premium of Rs61/- per equity share) aggregating to Rs65.57cr by way of preferential issue to eight investors.

The major investor is Stolt Nielsen Singapore Pte Ltd which acquired 61,11,048 equity shares of Ganesh Benzoplast. Tarang Advisory Private Limited acquires 8,33,516 equity shares while six other investors are the individuals.

At around 10.04 am, Ganesh Benzoplast was trading at Rs62.05 per piece down by Rs3.25 or 4.98% from its previous closing of Rs65.30 per piece on the BSE. The scrip opened at Rs64.20 and has touched a high and low of Rs64.20 and Rs62.05 respectively.

“Consequently, the issued, subscribed and paid-up equity share capital of the company stands increased to Rs.6.24cr (divided into 6,23,59,421 equity shares of Re. 1/- each) from Rs5.18cr (divided into 5,17,84,293 equity shares of Re. 1/- each). The Equity Shares allotted on preferential basis shall rank pari passu with the existing equity shares of the company in all respects,” company said in a regulatory filing on Tuesday.

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