Small Cap Stock Below Rs 50 Allots 9 Lakh Equity Shares On Conversion of Warrants

In light of the exercise and conversion of 9,00,000 convertible warrants, the fundraising committee of the company's board of directors considered and approved the allotment of 9,00,000 equity shares of the company at a premium of Rs. 28.70 per share on October 3, 2024. As a result, the stock of Rushil Decor closed lower on Thursday at Rs. 35.75 on the BSE, down 0.94 per cent.

The company notified stock exchanges on December 23, 2023, that it had issued 41,30,000 convertible warrants at a price of Rs. 297/-per warrant to a total of 38 allottees on a preferential basis. At the time of the warrants' allotment, the initial subscription amount of Rs. 30.66 Crores had already been received. Out of the 4,13,00,000 convertible warrants that the company has awarded, it has so far converted 95,00,000 of the warrants into equity shares worth Rs. 1 apiece.

The company's equity shares split or subdivided from one share of Rs. ten each into ten equity shares of Rs. one each as of the record date August 09, 2024. As a result, following the share split, the convertible warrants issued on December 23, 2023, would be valued at 4,13,00,000. Two non-promoter allottees have paid a total of Rs. 2,00,47,500 towards their respective subscriptions out of the remaining 75% amount. They have also exercised their right to convert the whole sum of 9,00,000 warrants into 9,00,000 equity shares of the company, with a face value of Rs. 1/-per share. Following this allocation, three warrant holders and seventeen warrant holders in total have exercised their partial rights of conversion. Thus, with the latest issuance, a total of 1,04,00,000 equity shares at a value of one rupee each have been granted. The whole 9,00,000 convertible warrants that were issued to the allottees as stands and converted into equity shares were done so with this conversion and allotment.

"This is to inform that the Fund Raising Committee of the Board of Directors of the Company has, at its meeting held on Thursday, October 03, 2024 (i.e. today), inter-alia, considered and approved the following items: 1) Allotment of 9,00,000 Equity Shares of face value of Rs.1/- each to total 2 allottees being Non-Promoter upon conversion of Warrants into equal number of Equity Shares under the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations")," said Rushil Decor in a stock exchange filing.

Rushil Decor Limited recently announced on September 24 that Mr. Rushil K. Thakkar had been promoted to the position of Managing Director (MD) of the firm.

Established in 1993, Rushil Decor Limited is an internationally renowned enterprise specialising in cutting-edge interior design and environmentally sustainable composite wood panels. With cutting-edge designs and cutting-edge technology, the firm thrives at establishing industry standards. With six state-of-the-art production facilities, Rushil Decor can produce 3.49 million laminates and 3,30,000 CBM MDF annually, catering to clients in more than 53 countries.

VIR Laminates, VIR MDF boards, VIR MAXPRO (HDFWR) boards, VIR Pre-laminated Decorative MDF/HDFWR boards, VIR Modala Ply, VIR PVC, and VIR WPC boards/doors are among the products offered by the firm.