BCL Industries Shares Rally On Conversion of Warrants Into Equity Shares At Rs. 360.00

Following the company's announcement of the conversion of warrants into equity shares on Thursday, the shares of BCL Industries were trading 2.25% higher at Rs 66 a share. The newly allocated equity shares shall rank pari passu with the company's current equity shares.

"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we wish to inform you that the Board of Directors of the Company through resolution by circulation on 19th December, 2023 have considered and approved the allotment of 5,00,000 Equity shares of the face value of Rs.1/-each as fully paid-up shares at a price of Rs. 36/- per equity share (including premium of Rs. 35/share), consequent upon the conversion of 50,000 Warrants issued earlier for Rs. 360/-, after adjusting the number of shares, paid-up capital per share and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re. 1/- each out of the balance 28,31,334 (Twenty-Eight Lacs Thirty-One Thousand Three Hundred Thirty-Four) warrants on preferential basis, upon receipt of an amount aggregating to Rs. 1,35,00,000/- (Rupees One Crore Thirty-Five Lacs only) at the rate of Rs. 270 (Rupees Two Hundred Seventy Only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares," said BCL Industries in a stock exchange filing.

27,81,334 warrants are still pending conversion as a result of this conversion of warrants/allotment of equity shares. These warrant holders are entitled to have their warrants converted into equity shares of the company by paying the remaining 75%, or Rs. 270/-per warrant, within 18 months of the date of warrant allotment. The issued, subscribed, and paid-up equity share capital of the company has grown to Rs. 26,83,50,000/- as a result of the present conversion.This total is made up of 26,83,50,000 fully paid-up Equity Shares, each valued at Rs. 1.

The company announced on March 4, 2023, the allotment of 54,66,334 warrants, each convertible into equity shares with a face value of Rs. 10/-each, at an issue price of Rs. 360.00 each. Following a stock split on October 27, 2023, all warrant allottees are eligible to receive 10 shares upon conversion of each warrant they have subscribed for, provided they have received a subscription amount equal to 25% of the issue price from the allottees on a preferential basis.

One of the largest agro-processing manufacturing firms in India, BCL Industries Limited has a variety of vertical integrations and business ventures. BCL Industries Limited was founded in 1976 and has since grown rapidly, focusing on the industries of edible oils, rice milling, grain-based distilleries, and real estate.