Pursuant to Regulation 30 of the SEBI Listing Regulations read with the SEBI Master Circular, we wish to inform you that the Board of Directors of the Company at its meeting held today, ....
RAYMOND · price
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Raymond Ltd's Board has approved raising funds through issuance of up to 66,57,373 convertible warrants to JK Investors (Bombay) Limited, a member of the Promoter Group. The warrants are priced at Rs. 497 each (including Rs. 487 premium) and will aggregate up to Rs. 330.88 crore. Each warrant is convertible into one equity share of face value Rs. 10 within 18 months from allotment. If not converted, the warrants will lapse and the amount paid will be forfeited. Post full conversion, the promoter's stake will increase from 29.83% to 36.21%. The issue is subject to shareholder and regulatory approvals.
Dilutive to existing shareholders' stake; promoter's holding increases on conversion. Fund inflow strengthens balance sheet but warrants conversion adds to equity count.