Shares Ethanol Manufacturing Company BCL Industries Gains 4% After This Announcement

On Tuesday, the shares of BCL Industries registered a rise of around 4 per cent and the shares of the ethanol manufacturing company with a market cap of Rs 2160 crore had reached the level of Rs 81 with a rise of Rs. 3.50. Shares of BCL Industries have given a return of 76 per cent in the last 6 months.

BCL Industries has informed the stock market that the company had issued 54.66 lakh convertible warrants on March 4, 2023. These warrants with a face value of Rs 10 were issued at the rate of Rs 360. These warrants were issued to investors on a preferential basis after receiving 25 percent of the issue price.

After the stock split on October 27 last year, preparations were made to allow 10 equity shares in exchange for one warrant to all the allottees. BCL Industries has informed the stock market that the Board of Directors of the company has decided to issue 26.70 lakh shares to investors on 26 February 2024 at the rate of Rs. 36 per equity share. The company is going to get Rs 7.209 crore as an outstanding amount from this.

Recently, BCL Industries has announced Q3FY24 results. The profit before tax of BCL Industries stood at Rs 28.86 crore in Q3 FY24, which was Rs 21.89 crore in the last quarter and Rs 33.33 crore in the third quarter of the last financial year.

The company board of BCL Industries will meet on Saturday, February 3, 2024, to consider and approve the financial results for the period ended on December 31, 2023. BCL Industries is the only company in India and the South Asian region to have a forward and backwards integrated distillery ethanol plant.