OK Play India Hits 5% Upper Circuit On Fundraising Buzz

On Tuesday, the shares of OK Play India were trading at a 5% upper circuit limit of Rs 156.50 apiece. The rally in the stock price was witnessed after the Board of Directors of the Company, at their Meeting held on Monday, November 27, 2023, considered and approved issue of upto 24,75,000 fully paid-up equity shares of the company, on a preferential basis, at a price of Rs. 125 per equity share including a premium of Rs. 115/- per equity share, for a total consideration of upto Rs.30,93,75,000/-. On the preferential issue, FPI Saint Capital Fund picked up stake of 5,00,000 shares of Rs 6.25 Cr.

The Board also approved issue of upto 10,00,000 equity share warrants on a preferential basis, carrying an entitlement to subscribe for equivalent number of fully paid-up equity shares of the company, at a price of Rs. 135/- per equity share (including a Premium of Rs. 125/- per equity share, for a total consideration of upto Rs. 13,50,00,000/-. OK Play India said each warrants shall carry an entitlement to subscribe to 1 share of face value of Rs. 10/- each of the company at a price of Rs. 135/- per equity share.

"An amount equivalent to 25% of the Exercise Price of the Equity Shares, arising out of the Warrants, shall be payable at the time of making the application for the Warrants, as prescribed by Regulation 169 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation, 2018 ("SEBI ICDR Regulations"), which will be kept by the Company as a deposit to be adjusted and appropriated against the price of the Equity Shares payable by the Warrant holders at the time of exercising the option. A Warrant exercise price equivalent to the 75% of the issue price of the Warrants will be payable by the Warrant holders at the time of exercising the Warrants," said OK Play India in a stock exchange filing.

The company informed stock exchanges that an extraordinary general meeting (EGM) of the shareholders of the company will held on Wednesday, December 20, 2023, for the purpose of obtaining their approval to issue of Equity Shares / Warrants on a preferential basis by way of a special resolution.

"In terms of the provisions of SEBI ICDR Regulations, the "Relevant Date" for determining the Price of the Equity Shares and Equity Shares arising on exercise of option under the Warrants is Monday, 20th November, 2023, being the date thirty days prior to the date of EGM, i.e. Wednesday 20th December, 2023," said the company in a stock exchange filing.

The scrip reached a 52-week-high of Rs 164.30 on (22/11/2023) and a 52-week-low of Rs 29.15 on (25/11/2022).