JM Financial is trading higher by 6.5% to Rs 28.80 after the financial services company said it has received shareholders approval for the issue of convertible warrants to Vikarm Pandit, along with his business partner Hari Aiyar on preferential basis.
The stock opened at Rs 27.15 and touched high of Rs 29.10 on NSE. A combined 3.17 million shares have changed hands on the counter till noon deals on BSE and NSE.
“The shareholders at Extra General Body Meeting (EGM) held on June 14, have approve to issue aggregating up to 23.29 million warrants comprising 11.65 million to Vikram Pandit, 5.82 million to Hariharan Aiyar and 5.82 million to Aparna Murthy Aiyar on preferential basis,” JM Financial said in a BSE filing.
The warrant holders have a right to them to apply for and be allotted 1 equity share of the face value of Re 1 each for every warrant held by them in a period of 18 month from the date of allotment of warrants at Rs 19.05 per share, it added.
The board had already taken approval at their meeting held on May 16, 2013.
The stock opened at Rs 27.15 and touched high of Rs 29.10 on NSE. A combined 3.17 million shares have changed hands on the counter till noon deals on BSE and NSE.
“The shareholders at Extra General Body Meeting (EGM) held on June 14, have approve to issue aggregating up to 23.29 million warrants comprising 11.65 million to Vikram Pandit, 5.82 million to Hariharan Aiyar and 5.82 million to Aparna Murthy Aiyar on preferential basis,” JM Financial said in a BSE filing.
The warrant holders have a right to them to apply for and be allotted 1 equity share of the face value of Re 1 each for every warrant held by them in a period of 18 month from the date of allotment of warrants at Rs 19.05 per share, it added.
The board had already taken approval at their meeting held on May 16, 2013.
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