Share Market News: GG Engineering Shares To Be in Focus As Company Approves Conversion of 5 Crore Warrants

Share Market News: GG Engineering has informed the stock market that the issue price for converting the warrants into equity shares was kept at Rs 1.32. These warrants were issued on a preferential basis to non-promoter public category investors, which are now being converted into shares.
GG Engineering has received Rs 4.5 crore per warrant, which is 75 percent of the issue price. 25 per cent of the issue price or 33 paise per warrant was paid at the time of issuance of the warrants. After the conversion of warrants, the issued and paid-up capital of GG Engineering has increased to Rs 158.44 crore.
Shares of GG Engineering have been witnessing weakness for the last few days but in the last 6 months it has given a return of 16 percent to the investors while in the last 1 year it has given a bumper return of 124 percent from the level of Rs 0.90. GG Engineering has informed the stock market that the Board of Directors of the company, in the meeting held on May 23, has approved the conversion of 5 crore warrants of the company into equal number of shares.
Recently, the company announced quarterly results, where net sales increased by 75.7 per cent to Rs 7,642.11 lakh and net profit increased by 908.5 per cent to Rs 547.03 lakh in Q4FY24 compared to Q3FY24.
In its annual results, net sales increased by 113 per cent to Rs 21,210.50 lakh in FY24 compared to Rs 9,956.70 lakh in FY23. The company reported a net profit of Rs 710.47 lakh in FY24 compared to Rs 793.29 lakh in FY23.