Paramount Communications allots shares worth Rs 100 cr at Rs 42 each
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On the reaction day the stock moved 3.9 pts less than Nifty Microcap 250 and 3.5 pts less than its Cables - Electricals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Paramount Communications allotted 2.2 crore equity shares and 72 lakh convertible warrants on a preferential basis, raising about Rs 100 crore at Rs 42 per share. Non-promoters including Abakkus Diversified Alpha Fund and other funds and individuals received the shares, while promoters Sanjay Aggarwal and Sandeep Aggarwal received the warrants. Paid-up capital rose from Rs 61 crore to Rs 65 crore.
Equity dilution for existing shareholders, but Rs 100 cr capital raise may strengthen company finances and growth plans