Transwarranty Finance Ltd arm approves issue of 21521370 shares

The Board of Directors of Vertex Securities Limited (Subsidiary of Transwarranty Finance Ltd) at their meeting held on July 18, 2016 have approved the un-audited financial results for the quarter ended June 30, 2016.

The Board also approved proposal to approve issue 21,521,370 Equity Shares of face value of Rs. 2/- at a price of Rs. 4.20 per share (i.e. a premium of Rs. 2.20 per share) to 27 shareholders of Sharewealth Securities Limited on preferential allotment basis by way of share swap, being 22.59% of the post issue equity share capital of the Company subject to the approval of the members of the Company in Annual General Meeting to be held on Tuesday, August 23, 2016, by way of special resolution as required to be passed under the provisions of the Companies Act, 2013 as well as such other provisions of SEBI (Issue of Capital & Disclosure Requirements), Regulations, 2009 and such other approvals, consent, sanction etc. as may be required for this purpose.

This preferential allotment is towards consideration for acquisition of 5,739,031 equity and fully convertible preference shares of Sharewealth Securities Limited representing 52.09% of its paid up capital.

Shares of TRANSWARRANTY FINANCE LTD. was last trading in BSE at Rs.9.25 as compared to the previous close of Rs. 9.31. The total number of shares traded during the day was 1320 in over 7 trades.

The stock hit an intraday high of Rs. 9.25 and intraday low of 9.2. The net turnover during the day was Rs. 12172.

Source : Equity Bulls

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