Palred Tech board approves allotment of warrants worth Rs32cr; Stock hits record high

20 Jan 2022 , 10:58 AM

Palred Technologies Limited board approved the allotment of 25 lakh convertible warrants at a price (i.e. the price including the Warrant subscription Price and the Warrant Exercise Price) of Rs128/- each (“Warrant Issue Price”), aggregating to Rs32cr, on preferential basis to Mathew Cyriac, non-Promoter of the company.

The company has received 25% of the Warrant Issue Price i.e. Rs32/- against each Warrant, aggregating to Rs8cr (Warrant Subscription Price) from Mathew Cyriac.

At around 11.02 AM, Palred Technologies Ltd was trading at fresh 52-week high of Rs273.80 per share up by Rs13 or 5% (upper circuit) from its previous closing of Rs260.80 on the BSE.

“The above allotment of Warrants entitles Mathew Cyriac to seek conversion of such Warrant(s) in one or more tranches, within a maximum period of 9 months from the date of allotment of Warrants, upon the payment of Warrant Exercise Price of Rs. 96/- per Warrant, equivalent to 75% of the Warrant Issue Price (“Warrant Exercise Price”), and be allotted 1 (one) fully paid-up Equity Share of the Company of face value of Re10/- each, at an issue price of Rs128/- per share (including premium of Rs118/- per share), against each Warrant,” company said in a filing on Wednesday.