Rane (Madras) allots over 8.49 lakh equity shares on conversion of warrants

11 Jan 2022 , 02:37 PM

The Issue and allotment of committee of the board of directors of Rane (Madras) Ltd at their meeting held on January 11, 2022 has issued and allotted 8,49,979 equity shares of face value of Rs.10/- each fully paid-up pursuant to the exercise of 8,49,979 convertible warrants (conversion of the entire balance outstanding 8,49,979 warrants) by Rane Holdings Limited (RHL).

As per regulatory filing, the allotment has been made for cash, upon the receipt of warrant exercise price of Rs.176.475 per warrant (being balance 75% of issue price of Rs.235.30/- per warrant), aggregating Rs.15cr. These equity shares arising on conversion of the warrants, shall rank pari passu in all respects with the existing equity shares, including dividend, if any, said Company on Tuesday.

The Conversion ratio (1:1) – One Equity share for every one Warrant held.

At around 2:38 PM, Rane (Madras) was trading at Rs407.15 apiece down by Rs3.85 or 0.94% from its previous closing of Rs411 apiece on the BSE.