Som Distilleries spurts ~5% as board approves Rs28.80 crore preferential issue

21 Jul 2022 , 10:20 AM

Som Distilleries & Breweries Limited informed that in the board meeting of the company held on July 20, 2022, the board of directors considered and approved raising funds by issuing up to 40,00,000 Convertible Equity Warrants to the Promoters, Promoter’s Group, and Other Public Investors on a Preferential Basis in one or more tranches, at a price of Rs72 (including premium of Rs67) for each warrant.

These warrants will be convertible into equity shares of Rs5 each of the Company. The issue is further subject to necessary shareholders/regulatory approvals, as applicable.

The total amount of such issue aggregates to Rs28.80 crore.

The Warrants may be exercised in one or more tranches by the Warrant holder at any time on or before the expiry of 18 months from the date of allotment by issuing a written notice to the Company specifying the number of Warrants proposed to be exercised as well as the aggregate amount payable thereon.

On the date of allotment of the Warrants, an amount equal to 25% of the issue price of the Warrants will be paid, stated the company in its filing.

At around 10.19 AM, Som Distilleries & Breweries was trading at Rs77.80 up by Rs3.7 or 4.99% from its previous closing of Rs74.10 on the BSE. The scrip opened at Rs77.80 and has touched intraday high and low of Rs77.80 and Rs77.80 respectively.