 "Dewan Housing Finance gains after board nod for preferential allotment to promoter")
Dewan Housing Finance Corporation has rallied 6% to Rs 195 on the BSE after the board approved to raise upto Rs 500 crore by issuance of warrants, convertible into equity shares to the promoter group entity on preferential basis at premium.
“The board at its meeting held on January 29, approved to issue 21.23 million of warrants at issue price of Rs 235.515 per warrant convertible into equivalent number of equity shares to M/s Wadhawan Global Capital Private Limited,” Dewan Housing Finance said in a statement.
The equity shares will be allotted with 18 months from the date of allotment of the said convertible warrants, in one or more tranches, it added.
Thus far in 2016, the stock underperformed the market and fell 22% as compared to 5% decline in S&P BSE Sensex till yesterday.
A combined 1.53 million shares changed hands on the counter on the NSE and BSE till 12:05 AM.
“The board at its meeting held on January 29, approved to issue 21.23 million of warrants at issue price of Rs 235.515 per warrant convertible into equivalent number of equity shares to M/s Wadhawan Global Capital Private Limited,” Dewan Housing Finance said in a statement.
The equity shares will be allotted with 18 months from the date of allotment of the said convertible warrants, in one or more tranches, it added.
Thus far in 2016, the stock underperformed the market and fell 22% as compared to 5% decline in S&P BSE Sensex till yesterday.
A combined 1.53 million shares changed hands on the counter on the NSE and BSE till 12:05 AM.
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