Allotment of 2,83,33,333 Convertible Warrants at an issue price of Rs.12/- per warrant, upon receipt of an amount Rs.8,49,99,999/- (Rupees Eight Crore Forty-Nine Lacs Ninety-Nine Thousand ....
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The board of Velox Shipping and Logistics approved the allotment of 2,83,33,333 convertible warrants to 35 non-promoter investors at Rs.12 per warrant. The company received Rs.8,49,99,999 (approximately Rs.8.5 crore) as 25% upfront subscription money (Rs.3 per warrant). Each warrant is convertible into one fully paid equity share of face value Rs.10 upon payment of the remaining Rs.9 per warrant. The issue price of Rs.12 meets the SEBI ICDR floor price criteria. The warrants can be converted within the stipulated timeframe, and the outcome will be intimated upon conversion or lapse.
This preferential allotment brings in Rs.8.5 crore of capital from non-promoter investors. Upon full conversion, it will dilute promoter holding but strengthen the company's equity base and provide growth capital.