XPRO India inks pact with Malabar India Fund; Stock sheds 2%

5 Jan 2022 , 09:28 AM

XPRO India Ltd has entered into a Securities Subscription Agreement (SSA) with Malabar India Fund Limited, a category I Foreign Portfolio Investor for subscription of securities (Warrants) of the Company.

Accordingly, the Investor shall be entitled to subscribe to upto 16,40,000 Warrants at an Issue Price of Rs762 per warrant including a premium of Rs752. Each warrant, upon being fully paid up within eighteen months from date of allotment, shall be converted into one Equity Share of Rs10 face value.

Further, upon full conversion of Warrants into Equity Shares, the Investor shall have the right to nominate a fit and proper representative to be appointed as a non-executive, non-independent Director (the “Investor Director”). In the event that the shareholding of the investor in the Company, calculated on a Fully Diluted Basis, falls below 10% of the Equity Share capital of the Company, the right of the investor to appoint the Investor Director to the Board shall immediately fall away, said company on Tuesday.

At around 9:30 AM, XPRO India was trading at Rs912.25 apiece down by Rs19.1 or 2.05% on the BSE.