Ishan Dyes & Chemicals raise Rs30.50cr through issue of warrants; Stock slips 1%

The company allotted 50 lakh Convertible Equity Warrants at a price of Rs61per Warrant on a preferential and private placement basis.

Jul 02, 2021 12:07 IST India Infoline News Service

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The Board of Directors of Ishan Dyes & Chemicals Limited at their meeting on Thursday has approved raising of funds through the issue of 50 lakh Convertible Equity Warrants (“Warrants”) at a price of Rs61per Warrant aggregating to Rs30.50cr on a preferential and private placement basis to the Promoters and other Non-Promoters/Public Investors.

“The said issue of the Warrants will be subject to the approval of the Shareholders of the Company at an Extra Ordinary General Meeting scheduled to be held on July 30, 2021 and also in compliance with the SEBI ICDR Regulations 2018 and other applicable laws and regulations," the company said in the filing.

Further, the company informed that Relevant Date in relation to the issue of Warrants in accordance with SEBI ICDR Regulations, 2018 would be June 30, 2021, being the date 30 days prior to the date of passing of resolution at the ensuing Extra Ordinary General Meeting to be held on July 30, 2021.

At around 12.20 pm, Ishan Dyes & chemicals Ltd was trading at Rs64.35 per piece down by Rs0.65 or 1% from its previous closing of Rs65 per piece on the BSE.

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