Shalimar Paints allots over 1.79 crore shares, ~31 lakh OCDs to Hella Infra Market; Stock up ~3%

25 Feb 2022 , 12:37 PM

The Board of Directors of Shalimar Paints Ltd, at its meeting held on February 24, 2022, has approved the allotment of 1,79,16,667 equity shares of the face value of Rs2/- each (Investor Shares) fully paid up, for cash at an issue price of Rs120/- per Investor Share (including premium of Rs118/- per equity share), by way of preferential allotment on a private placement basis to Hella Infra Market Private Limited, not being a part of the promoter or promoter group of the company.

At around 12.40 pm, Shalimar Paints Ltd was trading at Rs123.05 per share up by Rs3.45 or 2.88% from its previous closing of Rs119.60 per share on the BSE.

Consequent to the above allotment, the paid-up equity share capital of the Company stands increased from Rs10,86,00,518 divided into 5,43,00,259 equity shares of face value of Rs2/- each to Rs14,44,33,852 divided into 7,22,16,926 equity shares of face value of Rs2/- each.

The board also approved the allotment of 30,55,556, 9% optionally convertible debentures (OCDs) having face value of Rs180/- for cash at a price of Rs180/- per OCD by way of preferential allotment on private placement basis to Hella Infra Market Private Limited, not being a part of the promoter or promoter group of the Company. Since the Company has allotted OCDs, there is no change in the paid up equity share capital of the Company.