Nakoda Textile to raise Rs 30 cr through FCDs, warrants

Nakoda Textile Industries will raise Rs 30 crore through the issue 2.6 lakh fully convertible debentures (FCDs) and 28.44 lakh equity warrants to investors.

At a meeting held on the June 6, the company's board of directors have decided to issue FCDs of Rs 60 each to its promoters group, Nakoda Textile said in a communique to the Bombay Stock Exchange.

These FCDs can be converted to 780,000 equity shares of Rs 10 each and a premium of Rs 10 per share, within six months from the date of allotment to its promoters.

The promoters presently hold nearly 45 per cent stake in the company at the end of March 31.

Nakoda Textile, engaged in trading of yarns, will also issue 28.44 lakh share warrants of Rs 100 each (Rs 28.44 crore), optionally convertible into about 1.42 crore equity shares of Rs 10 each, the company said.

The allotment of shares can be carried out within 18 months from the date of allotment on preferential basis, it added.

The Silvassa (Dadra & Nagar Haveli) based company may offer the equity warrants to the promoters group, and non-promoter investors.

Shares of Nakoda Textile closed at Rs 18.95 today, down 1.30 per cent on the BSE.