Emkay Global Financial Services Limited has informed the Exchange about intimation of receipt of In-Principle approval for listing of 2,78,300 equity shares of Rs. 10/- each pursuant to conversion of warrants issued on a preferential basis from stock exchanges.
EMKAY · price
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Emkay Global Financial Services has received in-principle approval from both NSE and BSE for listing of 2,78,300 equity shares of face value Rs. 10 each, allotted to the promoter upon conversion of warrants issued on a preferential basis. The shares were issued at a premium of Rs. 229.50 per share, taking the effective issue price to Rs. 239.50 and total consideration to approximately Rs. 6.66 crore. Trading approval is still pending and will be granted once the company files NSDL/CDSL credit confirmations. The promoter holding will increase as a result of this conversion.
Minor positive for shareholders as it strengthens the promoter's commitment to the company. There is no fresh capital inflow since these shares result from earlier warrant conversion. Stock price impact is likely limited given the small size relative to the company's capital base.