Indiabulls Ventures has allotted an aggregate of 5.83 crore warrants, convertible into an equivalent number of equity shares of face value ₹2 each to promoter group entities. The warrants, which can be exercised at ₹19.75 a share, were allotted to Orthia Constructions Pvt Ltd (2.80 crore warrants) and Zelkova Builders Pvt Ltd (2.63 crore warrants; Divyesh B Shah, CEO & Whole-Time Director of the company, was allotted 40 lakh warrants). Shares of Indiabulls Ventures slipped 3.6 per cent at ₹28.4 on the BSE.
Nitesh Estates on Wednesday said it has sold four acres of land at Kakanad village in Kochi for ₹26.50 crore. Due to sluggish market conditions, Nitesh Estates has decided to sell the land and has finalised the deal with a third party, the Bengaluru-based developer said in a post-market-hours disclosure to the exchanges. The proceeds of the sale will be used to reduce its debt. The transaction is expected to be completed by September. Shares of Nitesh Estates gained 6.5 per cent at ₹13.50 on the BSE.
The board of Nandan Denim on Wednesday approved the issue of convertible warrants for an amount not exceeding ₹100 crore on preferential basis to a select group of investors. The issue (to promoters and / or non-promoters) price would be higher than the minimum price calculated in accordance with SEBI guidelines. The proposal is subject to approval by shareholders and other regulatory authorities. Shares of Nandan Denim closed 0.11 per cent down at ₹132.60 on the BSE.