Greenlam Industries skyrockets ~8% as board approves Rs195 crore preferential issue

20 Jun 2022 , 12:25 PM

Greenlam Industries Limited informed that the Board of Directors of the Company, at its meeting held today i.e., June 20, 2022, approved a preferential issue.

The company has agreed to issue up to 63,10,680 equity shares with a face value of Rs1 each of the company to Smiti Holding and Trading Company Private Limited. The total shares issued constitute 4.97% share capital of the company.

Smiti Holding is 100% ultimately beneficially owned by Jalaj Ashwin Dani and Vita Jalaj Dani, a qualified institutional buyer.

The preferential issue is at a price of Rs309 per equity share, aggregating to ~Rs195 crore.

The issue is subject to the approval of regulatory/ statutory authorities and the shareholders of the Company at the Extra-Ordinary General Meeting. Further, the preferential issue will be subject to customary closing conditions between the Investor and the Company.

The company will convene the Extra-Ordinary General Meeting of the company will be conducted on July 16, 2022.

At around 12.22 PM, Greenlam Industries’ counter was trading 7.52% higher at Rs321 against its previous close of Rs298.55 on NSE. It hit intraday high and low of Rs328 and Rs287.20 respectively.