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City-based Kiri Industries Ltd on Tuesday announced that the company's board of directors has approved the allotment of 35,00,000 convertible warrants to its promoter group Equinaire Chemtech LLP on a preferential basis.
At the meeting of the board of directors held on Tuesday, the company decided to allot 35 lakh warrants convertible into equity shares at an issue price of Rs 363 per warrant including a premium of Rs 353 per warrant in accordance with SEBI (Issue of Capital Disclosure Requirements), Regulations, 2009.
The shares of Kiri Industries fell post the allotment to promoter group and traded at Rs 346.75 on the National Stock Exchange, down by nearly 3 per cent from its previous close. Current market cap of the company is Rs 574.40 crore.
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