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APL Apollo Tubes Ltd issues shares, warrants

Posted On: 2019-04-15 13:30:05

The Board of APL Apollo Tubes Ltd has promoted Mr. Arun Agarwal from South Head to Chief Operating Officer of the Company. Mr. Agarwal is a Chartered Accountant and brings with him over 20 years of rich experience in the Steel Industry. Currently, he is looking after the complete operation of Southern region including Sales, Purchase and Production activities. Mr. Agarwal will now be leading Sales, Purchase and Production activities across India and the domestic markets.

The infusion of Rs. 97 crore by an entity belonging to promoter category in APL Apollo has also been concluded through preferential allotment of equity and convertible warrants. Tne details of the allotment are as follows:

- Allotment of 400,000 Equity shares on preferential basis at Rs. 1,800 per equity share to entity beionging to promoter category

- Allotment of 500,000 fully convertible warrants of the Company at Rs. 2,000 per warrant to entity belonging to promoter category

Post the allotment of Equity shares, the paid up capital of the Company stands increased from Rs. 23,85,03,810/- (2,38,50,381 Equity Shares of Rs.10/- each) to Rs. 24,25,03,810/- (2,42,50,381 Shares of Rs.10/- each). This equity infusion reiterates the promoter group's commitment towards the business and confidence in its growth outiook.

Shares of APL APOLLO TUBES LTD. was last trading in BSE at Rs.1451 as compared to the previous close of Rs. 1469.05. The total number of shares traded during the day was 548 in over 95 trades.

The stock hit an intraday high of Rs. 1464.9 and intraday low of 1441.85. The net turnover during the day was Rs. 796423.

Source: Equity Bulls

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