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Ramky seeks shareholders nod for issue of 12 mn convertible equity warrants

Proposal to issue 12 million convertible equity warrants; approval to be sought during the firm's extraordinary general meeting (EGM) on Oct 30

BS Reporter  |  Hyderabad 

Ramky Infrastructure, Ramky Infra, Ramky

The Hyderabad-based infrastructure and construction company Infra Limited will seek shareholders' nod for the issue of 12 million on a preferential basis to investors at an extraordinary general meeting (EGM), which is scheduled to take place on October 30.

The warrant holders will get a similar number of with a face value of Rs 10 at a price of Rs 101 per share. In case the proposal stands approved, the aggregate amount from the sale comes down to Rs 121.2 crore that will be amassed over a period of 18 months from the date of initial allotment of warrants.

The company has proposed to issue 5 million to the member of a promoter group and the remaining 7 million equity warrants to three non-promoter investors, namely- the Aadi Financial Advisors LLP, the Bombay Stock Exchange-listed Saraswati Commercial (India) Limited and the Ind-Finance and Securities Trust Private Limited.

The company shares jumped a little over 8 per cent to close at Rs 139.65 on the BSE on Friday. The company attributed the increase in stock price, which ranged from a low of Rs 105 to a high of Rs 146 in the past one week, to their recent announcement on preferential allotment of equity warrants.

"The commitment of the promoter to infuse fresh capital into the company, coupled with the commitment of investors, had sent a positive signal to the investor community at large," said in response to the clarification sought by the stock exchange.

As of June 2017, around 67.76 percent of shares in the company are held by promoters and promoter groups.

On September 30, the board of directors of the company had approved a proposal regarding the preferential allotment of

The company had reported a consolidated net loss of Rs 11.9 crore on a consolidated income of Rs 2,109.4 crore in the financial year 2016-17.

First Published: Fri, October 06 2017. 18:50 IST