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SVP Global to raise Rs 235 Cr via Equity Warrants from parent Co

Convertible at 37% premium to market price

Chirag Pittie, Director, SVP Global Ventures Ltd said The Issue of Equity warrants and its conversion at 37% premium over current market price would help in strengthening the capital structure of the company.

MUMBAI, Jan 27 (The CONNECT):  Compact yarn global major SVP Global Ventures Ltd said it plans to raise Rs 235 crores via Convertible Equity Warrants to its parent  company, Shri Vallabh Pittie Ventures Private Pvt. Ltd. The Warrant holder has the option to convert Equity warrants into equivalent number of fully paid-up equity shares of face value of one rupee each within 18 months from the date of allotment of warrant, at an issue price of Rs 105 per Equity Share.

Chirag Pittie, Director, SVP Global Ventures Ltd said “The Issue of Equity warrants and its conversion at 37% premium over current market price would help in strengthening the capital structure of the company. The company is committed to deliver long-term sustainable growth to its stakeholders by continuous reduction in overall debt and expansion in high-margin compact yarn business.”   

The pre issue shareholding of the promoter and non-promoter stood at 68.71% and 31.29% respectively. Post issue, the promoter and promoter group shareholding will be 73.41%. The stock opened at Rs 79.85 and closed at Rs 76.90 per share and witnessed a weekly delivery quantity of approx. 9.5L shares

Recently, the company declared its Q3FY21 and 9 month ended results where it has reported a 210% increase in its QoQ Consolidated PAT and 55% increase in its EBIDTA QoQ ; resultant of better operational efficiencies, better product mix and cost rationalisation efforts.

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