Diversified business group Max India today said one of its promoter firms 'Dynavest India' has converted warrants into equity shares for a sum of Rs 173.4 crore.
The company's board has allotted 8 million shares of Rs 2 each at a premium of Rs 214.75 per share to Dynavest on conversion of 2 million warrants of Rs 867 each, Max India said in a filing to the Bombay Stock Exchange (BSE).
Each warrant entitles Dynavest to subscribe to four equity shares of Rs 2 each at a premium of Rs 214.75 per equity share, it added.
"With the aforesaid allotment, the paid-up share capital of the company stood increased to Rs 52,91,28,220 effective August 4, 2011 and the promoters holding stood increased to 37.03% on the enhanced capital," it said.
Max India is engaged in various business verticals, including insurance, healthcare, contract research and speciality films.
Shares of Max India today closed at Rs 182.05 on the BSE, down 1.65% from previous close.