Shree Pushkar Chemicals & Fertilizers Limited approves issuance of Warrants to Promoters
Shree Pushkar Chemicals and Fertilizers Ltd. (BSE: 539334; NSE: SHREEPUSHK), Board of Directors has approved to raise funds by issuance and allotment of warrants on preferential basis, with each Warrant convertible into one equity share of Rs. 10 each within a period of 18 months from the date of allotment of warrants, for cash, at an exercise price of Rs. 208.10 per Warrant (including a premium of Rs. 198.10 per Warrant) aggregating up to Rs. 15 Crores to the promoters of the company. The issuance is subject to shareholders approval at the forthcoming Annual General Meeting.
The currentshareholding of the Promoters and Promoter Group stands at 63%. The money would be utilized by the company for the upcoming Capex of Rs. 75+ Crores.
Commenting on the Issuance of Warrants Mr. Punit Makharia, Chairman and Managing Director, Shree Pushkar Chemicals and Fertilisers Limited said “With a planned capex of Rs. 75 Crores in the areas of Dye Intermediates and Sulphur derivatives, the promoters have decided to infuse equity into the company, to ensure smooth and timely execution of the projects. This infusion will help the company to be better capitalised at the time when the sector is offering multi fold growth opportunities.”
Shares of Shree Pushkar Chemicals & Fertilisers Ltd was last trading in BSE at Rs.208.5 as compared to the previous close of Rs. 213.2. The total number of shares traded during the day was 30446 in over 665 trades.
The stock hit an intraday high of Rs. 220 and intraday low of 208.5. The net turnover during the day was Rs. 6462465.
Source: Equity Bulls