Surani Steel ups fundraise to Rs 100 Cr via warrants on preferential basis
SURANI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 5.6 pts more than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Surani Steel Tubes board raised its fundraise size from Rs 85 Crore to Rs 100 Crore via preferential issue of up to 98 lakh fully convertible warrants at Rs 102 each. Promoter group entity Himani Steels gets 62.03 lakh warrants; 37 non-promoter public allottees get 35.97 lakh. Promoter holding will rise from 30.84 percent to 43.39 percent on full conversion. Warrants carry 18-month tenure. Authorised share capital also hiked from Rs 25 Cr to Rs 26 Cr. Subject to shareholder approval.
Promoter group taking about 63 percent of warrants signals confidence, but public holding will dilute from 69 percent to about 57 percent on full conversion. Possible near-term price pressure.