You are here: Home » News-CM » Companies » News
Business Standard

AGC Networks issues 33.33 lakh convertible warrants to Promoters

Capital Market 

AGC Networks announced that the Company has issued 33,33,334 Convertible Warrants each convertible into Equity share of face value Rs.10 to the promoters and promoter group of the company at a price of Rs.675 per Warrant, aggregating to Rs.225 crore.

The issuance price was determined at 8% premium to the floor price of Rs.625 per Warrant as per SEBI ICDR regulations, upon conversion of Warrants.

Promoters and Promoter group have paid the initial subscription amount, as per the terms of the issue, of Rs.56.25 Crores and an additional amount of Rs.17.13 crore, which will be adjusted against balance premium for Warrants issued. As on 30 September 2020, Promoters and Promoter group holding in the company stood at 68.94% and this would increase to 72.05% upon conversion of all Warrants.

The funds raised would be used to meet the growth requirements of the company, reduction in liabilities and general corporate purposes.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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: Mon, January 11 2021. 10:53 IST