Auto component manufacturer Mahindra Forgings today said it has raised Rs 100 crore by issuing warrants to promoter group firm, Mahindra & Mahindra on preferential basis.
The committee of board of directors at their meeting held yesterday have alloted 72,99,270 convertible warrants to Mahindra & Mahindra at Rs 137 per piece, aggregating to Rs 100 crore, Mahindra Forgings said in a filing to the Bombay Stock Exchange.
The warrants would be convertible into one equity share of the company of face value of Rs 10 each at any time after the date of allotment of warrants but on or before the expiry of 18 months from the date of allotment of warrants.
Shares of Mahindra Forgings were trading at Rs 122.20 on BSE, up 9.20 per cent from its previous close.