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CSL Finance Ltd allots 1 lakh shares on conversion of warrants

Posted On: 2019-03-16 21:00:52

CSL Finance Ltd had issued 1,50,000 Fully Convertible warrants at the rate of Rs.390/- each (which includes a premium of Rs.380/- per warrant) which were convertible into equivalent number of equity shares upon exercise by the allottees, within a period of 18 months from the date of the allotment of the warrants. The convertible warrants were allotted on 18.09.2017 on payment of Rs.97.50/- per warrant (being 25% of Rs.390/-). The Balance 75% i.e. Rs.292.50/- per warrant were to be paid within a period of 18 months from the date of allotment i.e. on or before 17.03.2019 on exercise of conversion option by the warrant holder.

The board of directors took note on the record that, the company has received a request for the conversion of warrants into equity shares by one of the warrant holder(s) Mr.Gaurav Sud who holds 1,00,000 convertible warrants and has also received from such warrant holder the balance 75% i.e. Rs.292.50/- per warrant aggregating to Rs.2,92,50,000/-

Accordingly, the Board of Directors in its meeting held on today i.e. 16th March, 2019 has issued and allotted 1,00,000 equity shares of face value of Rs.10/- each to the warrants holder(s).

The company neither has received any request for the conversion of warrants into equity shares from any other warrant holders, nor received any amount towards their respective balance consideration. Therefore, as per the SEBI (ICDR) Regulations, 2009 the consideration paid by such warrant holders at the time of issuance of fully convertible warrants shall stand forfeited.

Pursuant to the aforesaid allotment the paid up capital of the company has increased from Rs.6,06,92,070/- to Rs.6,16,92,070/- comprising of 61,69,207 Equity Shares of Face Value of Rs.10/- each.

The allotment of the equity shares shall be made in dematerialized form and the equity shares so allotted shall be rank pari-passu with the existing equity share in all respects.

Shares of CSL Finance Ltd was last trading in BSE at Rs.294 as compared to the previous close of Rs. 292.15. The total number of shares traded during the day was 1744 in over 38 trades.

The stock hit an intraday high of Rs. 297.45 and intraday low of 290. The net turnover during the day was Rs. 511727.

Source: Equity Bulls

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