You are here: Home » Markets » News
Business Standard

Globus Spirits surges on preferential issue to promoter at premium

The board has approved allotment of 763,359 warrants at a price of Rs 140/- per warrant to promoter group entity M/S. Chandbagh Investments Limited.

SI Reporter  |  Mumbai 

Globus Spirits has surged over 14% to Rs 119 on the National Stock Exchange (NSE), after the breweries and distilleries manufacturer said that its board has approved the allotment of warrants worth of Rs 11 crore to promoter group at a price of Rs 140 per warrant.

“The board of directors has approved allotment of 763,359 warrants at a price of Rs 140/- per warrant to promoter group entity M/S. Chandbagh Investments Limited,” Globus Spirits said in a statement.

The board also approved allotment of 5.03 million, 4.75% Cumulative Compulsorily Convertible Preference Shares (CCCPS) at a par value of Rs 140 per CCCPS to M/s. Templeton Strategic Emerging Fund IV, L.D.C.

The said warrants and CCCPS shall convertible into one equity share of the face value of Rs 10 each against each warrants and CCCPS within a period of 18 months from the date of allotment, it added.

The stock opened at Rs 107 and hit a high of Rs 121 on NSE. A combined 1.08 million shares have already changed hands on the counter till 0955 hours against an average less than 100,000 shares that were traded daily in past ten trading days on NSE and BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 20 2013. 09:59 IST