AGC Networks issues 33.33 lakh convertible warrants to Promoters

AGC Networks announced that the Company has issued 33,33,334 Convertible Warrants each convertible into Equity share of face value Rs.10 to the promoters and promoter group of the company at a price of Rs.675 per Warrant, aggregating to Rs.225 crore. The issuance price was determined at 8% premium to the floor price of Rs.625 per Warrant as per SEBI ICDR regulations, upon conversion of Warrants.

Promoters and Promoter group have paid the initial subscription amount, as per the terms of the issue, of Rs.56.25 Crores and an additional amount of Rs.17.13 crore, which will be adjusted against balance premium for Warrants issued. As on 30 September 2020, Promoters and Promoter group holding in the company stood at 68.94% and this would increase to 72.05% upon conversion of all Warrants.

The funds raised would be used to meet the growth requirements of the company, reduction in liabilities and general corporate purposes.

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