Nandan Denim (NDL) is planning to raise Rs 50 crore by issuing 2.5 million fully convertible warrants (FCWs) to UK-based foreign institutional investor, Polus Global Fund.
The warrants will be converted into equity shares at Rs 200 per share within 18 months time. The conversion price of Rs 200 per share is at over 70 per cent premium to September 18 closing price of Rs 115.50 per share on BSE and 250 per cent premium to the book value of Rs 57 per share.
Nandan Denim is company engaged in textile industry, manufacturing gray cotton fabrics, khakhis and denims.
