1:10 Stock Split Ahead: Consumer Durable Stock In Focus As FII Buys Stake; Do You Own?

On Tuesday, the shares of Rushil Decor were in focus after the company confirmed the allotment of 2,50,000 convertible warrants to the allottees belonging to the non-promoter category. The shares of Rushil Decor opened higher today on the BSE at Rs 322 apiece and rallied to an intraday high of Rs 327.10. In the afternoon trade, the stock was trading 1.46% higher at Rs 322.50 apiece.

"This is to inform that the Fund Raising Committee of the Board of Directors of the Company has, at its meeting held on Tuesday, June 11, 2024 (i.e. today), inter-alia, considered and approved the Allotment of 2,50,000 Equity Shares of face value of Rs.10/- each to total 3 allottees being Non-promoter upon conversion of Warrants on preferential basis under the provisions of the Securities and Exchange Board· of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations")," said Rushil Decor in a regulatory filing on Tuesday.
Two non-promoters, Nalin Vrajlal Shah and Sureshchand Narsinglal Jain, each received 25,000 equity shares in the allotment, while a FII, NAV CAPITAL VCCNAV CAPITAL EMERGING STAR FUND, received 2,00,000 shares.

On December 23, 2023, the company notified stock exchanges that it had issued 41,30,000 convertible warrants at a price of Rs. 297/-per warrant to a total of 38 allottees on a preferential basis. At the time of the warrants' allotment, Rs. 30.66 Crores had already been paid as the initial subscription amount.

On May 9, 2024, the company allocated 1,90,000 equity shares to 5 non-promoters among the 38 total allottees through the conversion of 1,90,000 warrants. Additionally, the corporation issued 65,000 equity shares to two non-promoter allottees out of the 38 total allottees as announced on May 24, 2024, through the conversion of 65,000 warrants.

Three non-promoter allottees have contributed a total of Rs. 5,56,87,500 towards their individual subscriptions out of the remaining 75% amount. They have also exercised their right to convert the total amount of 2,50,000 warrants into 2,50,000 equity shares of the company, with a face value of Rs. 10 per share.

Three allottees chose to take action and convert the 2,50,000 convertible warrants-which have a face value of Rs. 10/-each-into 2,50,000 equity shares of the firm, out of the 38,75,000 convertible warrants that were outstanding. In this context, at its meeting on June 11, 2024, the company's Board of Directors Fund Raising Committee considered and approved the allotment of 2,50,000 equity shares of the company at a face value of Rs. 10/-each, at a premium of Rs. 287/-per share, in accordance with the exercise and conversion of 2,50,000 convertible warrants out of the 38,75,000 convertible warrants that were initially allotted, subject to the allottees receiving the remaining subscription amount, or 75% of the issue price.

The sub-division/split of each equity share with a face value of Rs. 10/-each, fully paid up into 10 equity shares with a face value of Re. 1/-each, fully paid-up was recently looked over and authorised at its meeting held on Friday, May 24, 2024. And for the purpose of the same, the record date shall be declared in due course.