BCL Industries Rally 7% On Conversion of Warrants Into Shares

Shares of BCL Industries surged during the trading session on Thursday post the company informed investors about conversion of warrants into equity shares by investors on exchange.

The company board consider and approved the allotment 6 lakh equity shares with a face value of Re 1 each on an adjusted basis, at issue price of Rs 36 apiece, upon receiving Rs 1.62 crore on the conversion at price of Rs 27 apiece, 75 per cent of the issue price, said the exchange filing.

Investors had converted 60,000 warrants but were given 10 shares on conversion, on an adjusted basis post its stock split in 1:10 ratio in October 2023. The company had issued warrants at an issue price of Rs 360 apiece and a total of 54,66,334 warrants were issued in March 2023, it added.

Following the announcement, shares of BCL Industries surged 6.75 per cent on Thursday to Rs 73. The scrip had previously settled at Rs 68.38 in the previous trading session on Wednesday.

The filing added further, Pursuant to present conversion, the issued, subscribed and paid-up equity share capital of BCL Industries stands increased to Rs 26,89,50,000 consisting of 26,89,50,000 fully paid-up Equity Shares of Re 1 each.

BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.