Aeroflex stake in Aeroflex Neu rises to 58.56% after warrant conversion
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On the reaction day the stock moved 8.0 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Aeroflex Enterprises was allotted 3.6 million equity shares of material subsidiary Aeroflex Neu after 3.6 million warrants were converted. The shares have a face value of Rs 10 each and were issued at an Rs 80 premium, increasing Aeroflex's stake from 55.50% to 58.56%.
The 3.06 percentage point stake increase strengthens Aeroflex's control of Aeroflex Neu, with limited direct effect on Aeroflex's own operations.