Please find enclosed intimation under Regulation 30 of SEBI Listing Regulations
RAYMOND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Raymond's Board has approved issuing up to 66,57,373 convertible warrants to JK Investors (Bombay) Limited, a promoter group entity, at Rs. 497 per warrant, raising up to Rs. 330.88 crore. The warrants carry a right to subscribe to 1 equity share each and must be converted within 18 months from the date of allotment; unconverted warrants will lapse with forfeiture of consideration. The issue is subject to shareholder and regulatory approvals. Post full conversion, JK Investors' stake in Raymond will increase from 29.83% to 36.21% on a fully diluted basis.
The warrant issuance strengthens the promoter's commitment and provides capital, but the substantial increase in promoter holding from ~30% to ~36% will dilute non-promoter shareholders. The Rs. 497 exercise price implies a modest premium to current market levels.