Lorenzini Apparels To Convert 2.47 Lakh Warrants Into Equity Shares

Lorenzini Apparels Limited has informed the stock market that the company's board meeting was held on Thursday, May 30, in which approval was given to convert 2.47 lakh warrants into 24.72 lakh equity shares. On October 5 last year, Lorenzini Apparels had issued 10.38 lakh warrants. Out of these warrants issued on a preferential basis, 24.7 lakh equity shares are being issued in exchange for 2.47 lakh warrants.

The company has received Rs 3.75 crore in exchange for this. Lorenzini Apparels issued these warrants to investors of the promoters / non-promoters category on a preferential basis at the rate of Rs 202.24 per warrant. The shares of Lorenzini Apparels have been subdivided, so 10 equity shares with a face value of ₹ 1 are being issued in exchange for one warrant with a face value of ₹ 10.

On Thursday, during a weak trading session in the stock market, the shares of Lorenzini Apparels Limited declined by about three per cent and closed at Rs 23.85. The 52-week high of the shares of Lorenzini Apparels Limited, which has a market cap of about Rs 374 crore, is Rs 33.15 while the 52-week low is Rs 11.

The shares of Lorenzini Apparels have been weak for the last few days but in the last 6 months, it has given a bumper return of 52 per cent to the investors from the level of Rs 15.73. In the last 1 year, the shares of Lorenzini Apparels Limited have given investors a return of more than 98 per cent from the low level of Rs. 12. The shares of Lorenzini Apparels Limited were at the level of Rs 7.41 on 13 April 2023 from where investors have got a return of 222 per cent.

Recently, the company announced financial results where net profit rose 110.32% to Rs 5.30 crore in the year ended March 2024 as against Rs 2.52 crore during the previous year ended March 2023. Sales rose 25.14% to Rs 54.76 crore in the year ended March 2024 as against Rs 43.76 crore during the previous year ended March 2023.

Earlier, Lorenzini Apparels Limited announced that its board of directors has announced the distribution of bonus shares and stock split. The company, which is engaged in the business of manufacturing and designing readymade garments, said that the board has approved proposals to distribute bonus shares in the ratio of 6:11 i.e. six new fully paid-up equity shares of Re 1 each will be issued for every 11 fully paid-up equity shares of Re 1 held by the security holders.

Incorporated in 2007, Lorenzini Apparels manufactures, designs, and markets ready-made garments. The Company offers formal, semi-formal, and casual wear for men and women such as pants, shirts, t-shirts, dresses, and jackets. Lorenzini serves clients majorly in North India.