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RAYMOND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 0.9 pts less than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.