Board approves Rs 85 Cr warrants issue and name change to Singlon Limited
SURANI · price
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Board approved raising up to Rs 85 Crores through fully convertible warrants on preferential basis at Rs 102 per share (face value Rs 10, premium Rs 92 per share), priced as per SEBI formula. Also approved changing the company name from Surani Steels Tubes Limited to Singlon Limited to better reflect business activities. EGM scheduled for October 30, 2026 to seek shareholder approval.
Fund raise may cause equity dilution. Name change hints at possible business pivot. Shareholder vote on Oct 30.