Praxis Home Retail allots over 13.25 lakh equity shares on conversion of 1,405 CCDs; Stock soars 5%

Post allotment of the aforesaid Equity Shares the shareholding of FCRPL, one of the Promoter entity now stands at 1,87,58,029 aggregating to 59.16% of the total paid-up Equity Share capital of the Company.

May 28, 2021 03:05 IST India Infoline News Service

Praxis Home Retail Limited has allotted 13,25,471 equity shares of the company of face value of Rs5/- each fully paid-up pursuant to the conversion of 3rd and the last tranche of the conversion option of 1,405 Compulsorily Convertible Debentures (CCDs).

“The Committee of Directors through Resolution passed by Circulation on May 27, 2021, has allotted 13,25,471 equity shares of the company of face value of Rs5/- each fully paid - up pursuant to conversion of 3rd and the last tranche of conversion option of 1,405 Compulsorily Convertible Debentures (CCDs) held by Future Corporate Resources Private Limited (‘FCRPL’) (f/k/a Suhani Trading and Investment Consultants Private Limited) out of 1,405 CCDs outstanding as on the date. Further, we wish to inform that post this tranche conversion, the entire 7,500 CCDs have been converted into equity shares,” company said.

It further said, post allotment of the aforesaid Equity Shares the shareholding of FCRPL, one of the Promoter entity now stands at 1,87,58,029 aggregating to 59.16% of the total paid-up Equity Share capital of the Company. The paid-up Equity Share capital of the Company stands increased to over Rs15.85cr and comprising of 3,17,08,679 equity shares of Rs5/- each fully paid-up.

The company had already become a subsidiary of ‘Future Corporate Resources Private Limited’ (FCRPL) on February 11, 2020, pursuant to the allotment of 30,00,000 (Thirty Lakh) equity shares post 1st tranche of conversion of 3,180 Compulsorily Convertible Debentures (CCDs).

In the last half hour of Friday's trade, Praxis Home Retail Limited was trading at day's high of Rs39.50 per piece up Rs1.85 or 4.91% on the BSE. 

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