Jyoti Ltd., the Vadodara based engineering major with activities in water and power sectors, is making preferential issues of Convertible Equity Warrants to Promoter Group and Equity Shares to Corporates and HNI, subject to approval of Shareholders and other authorities as applicable.
1. 10,00,000 Convertible Equity Warrants to Promoter Group at a price of Rs.83 per Warrant aggregating to Rs.8.30 Crores. The Warrants will be converted into 10,00,000 Equity Shares within 18 months from the date of allotment. 25% of the total Warrant amount will be payable on allotment of Warrants and balance 75% will be payable on conversion.
2. 30,00,000 Equity Shares to Corporates and HNI at a price of Rs.83 per Equity Share aggregating to Rs.24.90 Crores. The entire amount will be payable on allotment.
The total amount of Equity Share Capital with premium will aggregate to Rs.33.20 Crores. The issue price of Rs.83 per Share/Warrant has been determined based on formula as per SEBI regulations.
The Promoter Group currently holds 24.23% in the existing equity capital of the company which will be slightly increased to 24.41% on the enhanced capital after conversion under the Preferential issue of Equity Warrants to Promoter Group and Preferential issue of Equity Shares to Corporates and HNI.
The proceeds of both the issues will be utilized to fund the capital expenditure, long term working capital requirements and retiring high cost debts of the company.
