Prakash Industries has received nod to raise Rs 125 crore through issuance of 91,07,500 Convertible Equity Warrants on Preferential basis. The proceeds from preferential issue will be utilized to augment the working capital of the company and to meet other long term requirements including debt repayments. The board of directors at its meeting on November 17, 2017 has approved the same.
The company will issue 76,50,300 Convertible Equity Warrants at a price of Rs 137.25 each, convertible into equity shares of Rs 10 each aggregating to Rs 105 crore to Shri V.P. Agarwal, Promoter of the Company, forming part of Promoter Group and will also issue 14,57,200 Convertible Equity Warrants at a price of Rs 137.25 each, convertible into equity shares of Rs 10 each, aggregating to Rs 20 crore to Tathastu Advisors LLP.
Prakash Industries is the largest manufacturer of PVC pipes and fitting in North India. It is a brand that consumers have trusted since last 37 years.
Company Name | CMP |
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JSW Steel | 881.00 |
Tata Steel | 167.15 |
SAIL | 158.40 |
Jindal Stainless | 794.35 |
Jindal Saw | 538.30 |
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