Surani Steel ups preferential warrants issue size to Rs 100 Cr
SURANI · price
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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 revised its preferential fundraise from up to Rs 85 Cr to up to about Rs 100 Cr via 98 lakh fully convertible warrants at Rs 102 each, above the SEBI floor price. Promoter group entity Himani Steels gets 62.03 lakh warrants; 35.97 lakh go to public category allottees. Post conversion, promoter holding jumps from 30.84% to 43.39%. Warrants have 18 month tenure. Authorised share capital raised to Rs 26 Cr.
Public shareholders face significant dilution as promoter stake rises from 30.84% to 43.39% post conversion. Watch EGM approval.