MICL Shares In Focus As Company Approves Conversion of 9.37 Lakh Warrants

Man Infraconstruction Limited shares are in focus on Tuesday as the board has informed exchanges that its Allotment Committee has approved the conversion of 9,37,760 convertible warrants into an equal number of equity shares. The counter opened in red at Rs 192.20 against the previous close of Rs 194.65 on the BSE. Later, the counter gained to touch the intrad-day high of Rs 197.70. Last seen, the counter was trading at Rs 193.55.
According to the information shares, the conversion was made at a preferential basis upon receipt of Rs 10.90 crore at the rate of Rs 116.25 per warrant.
The allotted equity shares rank pari-passu with the existing equity shares of the company.
Following this allotment, the subscribed and paid-up capital of the company increased from Rs 74,25,00,810 to Rs 74,43,76,330.
“3,41,08,340 total Warrants are outstanding for conversion and these warrant holders are entitled to get their Warrants converted into an equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 116.25 per Warrant within 18 months from the date of allotment of Warrants,” the company exchange filing reads.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)