Rane Holdings has acquired 1,71,821 equity shares of face value Rs 10 each fully paid up (1.01%) for a consideration of Rs 5 crore (at an issue price of Rs. 291.00 per equity share) in its subsidiary Rane Engine Valve (REVL) on conversion of entire outstanding 1,71,821 warrants out of the 5,15,463 warrants (issued on March 08, 2022) into underlying equity shares. The overall shareholding of the company in REVL stands increased to 42,16,951 shares (58.29%).
The acquisition of 1,71,821 equity shares arises out of conversion of entire outstanding 1,71,821 warrants out of the 5,15,463 warrants issued on March 08, 2022 by way of preferential offer by REVL to meet its capital expenditure programs for upgradation and modernization of plant and machinery reduction in direct expenses and repayment of loans.
Rane Holdings is the holding company of the Rane Group.
