Rane Holdings has acquired 8,49,979 equity shares of Rs 10 each fully paid up (1.56%) in its subsidiary -- Rane (Madras) (RML), on conversion of entire outstanding 8,49,979 warrants out of the 25,49,936 warrants (issued on January 29, 2021) into underlying equity shares. The overall shareholding of the company in RML stands increased to 1,16,72,774 Equity shares (71.77%).
The objects of the preferential issue by RML is to enable it to pursue capital expenditure programs, meet working capital requirements, support the overseas subsidiaries, reduce the debt position and achieve an optimum debt - equity ratio.
Rane Holdings is the holding company of the Rane Group.
