RIR Power Electronics informs about allotment of share warrants on preferential basis

RIR Power Electronics Ltd. | Electronics - Components | Capital Goods & Industrial Consumables | BSE: 517035 | NSE:

23 Mar 2024 Evaluate

RIR Power Electronics has informed that the Board of Directors of the Company at their meeting held on Saturday, 23rd March, 2024, have considered and approved the following: pursuant to the special resolution passed on 10th March, 2024 by the members of the Company through Postal Ballot and in pursuance of the In-principal approval letter dated 11th March, 2024 received from the Stock Exchange - BSE, the board of directors have approved the allotment of 10,00,000 (Ten Lakh) Convertible warrants at an issue price of Rs 855 (Rupees Eight Hundred and Fifty Five only) per warrant on preferential basis to the Non-Promoters allotees. The Company has received 25% of the issue price per warrant i.e. Rs 213.75 (Rupees Two Hundred and Thirteen and Seventy-Five paise only) as upfront payment aggregating to Rs 21,37,50,000 (Rupees Twenty-One Crores Thirty-Seven Lakhs Fifty Thousand only) for allotment of 10,00,000 Convertible Warrants as per the terms of the issue. Each Warrant, so allotted, is convertible into or exchangeable for one fully paid-up equity share of face value of Rs 10 (Rupees Ten only) of the Company in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, subject to receipt of balance consideration of Rs 641.25 per warrant (being 75% of the issue price per warrant) from the allottees to exercise conversion option against each such warrant. Further the Board has authorised any Director and/or the Company Secretary of the Company to apply for creation of ISIN for Convertible Warrants and to sign and submit all such necessary documents, forms, agreements and papers etc. to be submitted to Stock Exchange, NSDL, CDSL, MCA and RTA and to do all such acts, deeds and things as may be required time to time The disclosure required under Regulation 30 read with Schedule III of the Listing Regulations and the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 is enclosed as Annexure A. The Board meeting commenced at 10:30 am and concluded at 11.30 am.

The above information is a part of company’s filings submitted to BSE.

RIR Power Electronic Share Price

174.95 1.05 (0.60%)

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