Zodiac Ventures allots 31.95 lakh convertible warrants to promoters and non-promoters on preferential basis; Stock dips 2%

25 Feb 2022 , 09:38 AM

The Share Allotment Committee of the Board of Directors of Zodiac Ventures Limited at its meeting held on February 24, 2022, has allotted 31.95 lakh Warrants Convertible into Equity Shares, convertible at a price of Rs25.06 per Convertible Warrant for a cash consideration aggregating to Rs8,00,66,700 to promoters and non-promoters.

The Warrant Holder has the right to apply for and is allotted Equity Share of the face value of Re1 each of the Company, at a premium of Rs24.06 per Equity Share for each Convertible Warrant.

At around 9.42 AM, Zodiac Ventures Ltd was trading at Rs31.90 per share down by Rs0.65 or 2% from its previous closing of Rs32.55 per share on the BSE.

“The Warrant Holders have each remitted an amount equivalent to at least 25% of the Consideration, and the remaining up to 75% of the Consideration shall be payable by the Warrant Holder on the exercise of the Convertible Warrant, in one or more tranches, within a period of 18 months from the date of allotment of the Convertible Warrants. As the Company has allotted Convertible Warrants, there is no change in the paid up equity share capital of the Company following this allotment of Convertible Warrants,” company said in a regulatory filing on Thursday.