Indo Thai Securities Limited has announced the allotment of 9,80,319 convertible warrants on a preferential basis at an issue price of Rs. 376/- to promoters, promoter groups, and non-promoters. The allotment follows the approval of the Board of Directors on May 10, 2024, and the shareholders at the Extra-Ordinary General Meeting on June 7, 2024.
The company has received a total of Rs. 9,21,49,986/- as warrant subscription price, which is 25% of the total issue price. The warrants are convertible into equity shares and will be allotted to various individuals and entities, including promoters, promoter groups, and non-promoters. The details of the allottees are provided in Annexure-A of the official announcement.
The Board of Directors has also formed a "Preferential Allotment Committee" to oversee the allotment and further procedures of warrants. The committee is chaired by Mr. Dhanpal Doshi, Managing Director, and includes Mr. Parasmal Doshi, Whole Time Director, and Ms. Shruti Sikarwar, Company Secretary, as members.
This move is expected to strengthen the company's capital structure and provide it with additional resources to pursue its growth objectives. The issuance of convertible warrants is a common method used by companies to raise funds while offering investors the opportunity to participate in the company's future growth potential.
Key Points:
Leave a comment