The promoters of 'Deepak Fertilisers and Petrochemicals' have infused Rs. 25 Crores into the company towards conversion of warrants into equity shares. Warrants of Rs. 200 Crore were issued to the promoters at a price of Rs. 308.79, out of which 25% of the amount (i.e. Rs. 50 Crores) were already infused in October 2018.
The Company would like to inform that the Securities Issue Committee at its meeting held on 1st October 2019 has allotted 10,79,482 fully paid up equity shares to the promoters, after receiving payment as per the terms of warrants issue. The said allotted equity shares shall be listed on NSE and BSE, and the Company would be seeking necessary approvals. The shares allotted to the promoters shall be locked for three years after the Company receives trading approval as specified under Chapter V of the SEBI (ICDR) Regulations, 2018.
In line with the earlier communication, the promoters remains committed to subscribe to the warrants through preferential allotment. The balance of Rs. 125 Crores would be infused by the promoters within the stipulated time period.
Shares of DEEPAK FERTILISERS & PETROCHEMICALS CORPORATION LTD. was last trading in BSE at Rs.89.8 as compared to the previous close of Rs. 91.4. The total number of shares traded during the day was 16214 in over 436 trades.
The stock hit an intraday high of Rs. 92.4 and intraday low of 88.2. The net turnover during the day was Rs. 1450204.