JK Tyre dips on warrants issue at discount to promoters
The stock has dipped 4% at Rs 153 on allotment of 4.3 warrants to the promoters at a price of Rs 115 per share.
JK Tyre and Industries has dipped over 4% to Rs 153 after the company allotted over 4 million warrants to the promoters at a price of Rs 115 per share.
The board has allotted 4.3 million warrants to the promoters/promoter Group on preferential basis at a price of Rs 115 per warrant, each warrant convertible into one equity share of the face value of Rs 10, JK Tyre and Industries said in a BSE filing.
The shareholding of the promoters and promoter group of the company will increase from 47.34% to 52.34% on conversion of all the warrants into equity shares.
The stock opened at Rs 157 and touched a low of Rs 151 on the BSE. A combined around 498,000 shares have changed hands on the counter till early noon deals on the BSE and NSE.
The board has allotted 4.3 million warrants to the promoters/promoter Group on preferential basis at a price of Rs 115 per warrant, each warrant convertible into one equity share of the face value of Rs 10, JK Tyre and Industries said in a BSE filing.
The shareholding of the promoters and promoter group of the company will increase from 47.34% to 52.34% on conversion of all the warrants into equity shares.
The stock opened at Rs 157 and touched a low of Rs 151 on the BSE. A combined around 498,000 shares have changed hands on the counter till early noon deals on the BSE and NSE.
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First Published: Dec 18 2013 | 10:45 AM IST