Prakash Inds gains as board approves issuing convertible warrants

Prakash Industries rose 2.46% to Rs 224.65 at 09:45 IST on BSE after the company's board of directors approved raising Rs 234 crore by issuing convertible equity warrants on preferential basis.

The announcement was made after market hours yesterday, 15 February 2018.

Meanwhile, the S&P BSE Sensex was up 117.30 points or 0.34% at 34,414.77. The S&P BSE Mid-Cap index was up 10.51 points or 0.06% at 16,813.75.

On the BSE, 3.02 lakh shares were traded on the counter so far as against the average daily volumes of 6.88 lakh shares in the past one quarter. The stock had hit a high of Rs 234.60 and a low of Rs 223.50 so far during the day. The stock had hit a 52-week high of Rs 276 on 16 January 2018. The stock had hit a 52-week low of Rs 74.25 on 15 February 2017.

The mid-cap company has equity capital of Rs 154.27 crore. Face value per share is Rs 10.

Prakash Industries said that the company's board of directors at its meeting held yesterday, 15 February 2018 has approved issue of 1 crore convertible equity warrants at Rs 208 each, convertible into equity shares, aggregating to Rs 208 crore on preferential basis to promoter and promoter group.

The company's board of directors also approved issue of 12.50 lakh convertible equity warrants at Rs 208 each, convertible into equity shares, aggregating to Rs 26 crore on preferential basis to Chartered Finance & Leasing.

Net profit of Prakash Industries jumped 459.64% to Rs 101.35 crore on 54.95% rise in net sales to Rs 725.97 crore in Q3 December 2017 over Q3 December 2016.

Prakash Industries is one of the largest integrated steel manufacturers in India.

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