Share Market News: Garment Manufacturing Lorenzini Apparels to Convert 2.47 Lakh Warrants Into Equity Shares

Share Market News: On Thursday, during the weak functioning of the stock market, a weakness of about three per cent was recorded in the shares of Lorenzini Apparels Limited and they closed at the level of Rs 23.85. The 52-week high level of shares of Lorenzini Apparels Limited with a market cap of around Rs 374 crore is Rs 33.15 while the 52-week low level is Rs 11.
Shares of Lorenzini Apparels have been weak for the last few days but in the last 6 months, they have given bumper returns of 52 percent to the investors from the level of Rs 15.73. In the last 1 year, shares of Lorenzeni Apparels Limited have given returns of more than 98 percent to investors from a low of RS 12. Lorenzini Apparels Limited’s shares were at Rs 7.41 on April 13, 2023, from where investors have a return of 222 percent.
Lorenzini Apparels Limited has informed the stock market that the company’s board meeting was held on Thursday, May 30, in which approval has been given to convert 2.47 lakh warrants into 24.72 lakh equity shares. On October 5 last year, Lorenzini Apparels had issued 10.38 lakh warrants.
Of these warrants issued on a preferential basis, 24.7 lakh equity shares are being issued in exchange for 2.47 lakh warrants. The company has received Rs 3.75 crore in return. Lorenzini Apparels had issued these warrants to investors of promoters/non-promoters category on a preferential basis at the rate of Rs 202.24 per warrant. The shares of Lorenzini Apparels have been sub-divided, hence, 10 equity shares of ₹1 face value are being issued in exchange for one warrant of ₹10 face value.