Stock Market News: JTL Industries’ stocks surged by over 5.33 per cent to reach an intraday peak of Rs 238.90 on the NSE.
Stock Market News: JTL Industries’ stocks surged by over 5.33 per cent to reach an intraday peak of Rs 238.90 on the NSE. This upswing in the company’s stock value was attributed to the deliberation and endorsement by the Securities Issue and Allotment Committee regarding the issuance of 2,40,300 fully paid equity shares, each with a face value of Rs 2/-per share.
“This is to inform that the Securities Issue and Allotment Committee of the Company, in its meeting held today i.e. 20.12.2023, inter alia, has considered and approved the allotment of 2,40,300 fully paid equity shares of face value of Rs. 2/- each, pursuant to conversion of warrants into said equal number of equity shares,” said JTL Industries in a stock exchange filing.
In the preferential allotment, M/s. Srestha Finvest Limited have been granted 1,00,000 lakh shares, followed by Ms. Kiran Garg with 50,000 shares, Mr. Sunil Gupta with 25,000 shares, Mr. Abhinav Gupta and M/s. Algoquant Fintech Limited with 20,000 shares, Mr. Maninder Singh with 17,000 shares, and Mr. Vijay Kumar M Mittal with an allocation of 8,300 shares.
“Post conversion of warrants, the allottees are also entitled for 2,40,300 number of bonus shares reserved for outstanding convertible warrants in the ratio of 1:1 and accordingly 2,40,300 bonus Equity Shares are also been allotted on 2,40,300 Equity Shares post conversion of warrants. Consequently, w.e.f. 20.12.2023, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 34,22,27,440 consisting of 17,11,13,720 Equity Shares of Rs. 2/- each. The aforementioned shares rank pari-passu with the existing Equity Shares of the Company,” said JTL Industries in a stock exchange filing.
Meanwhile, the company informed bourses that it planning mega expansion. JTL Industries has informed the bourses that it is planning mega capacity expansion in Maharashtra. The company also said that it will raise Rs 1,310 crore via preferential issues and qualified institutional placement (QIP) to finance this project.
Disclaimer: The article is for informational purposes only and not investment advice.