The board of Jai Balaji Industries on Friday approved part-conversion of 46 lakh convertible warrants into 46 lakh equity shares of ₹10 each, out of the balance 82.05 lakh convertible warrants, to non-promoter Mahesh Kumar Keyal-HUF (represented by Mahesh Kumar Keyal-Karta) pursuant to exercise of his right of conversion of warrants into equity shares. Consequent to the allotment, the paid-up equity capital of the company has increased to ₹92.78 crore from ₹88.18 crore. Shares of Jai Balaji gained 2.4 per cent at ₹15 on the BSE, but closed down 1.7 per cent at ₹14.55 on the NSE.
Greaves Cotton has informed the exchanges that Greaves Cotton Middle East (FZC), a step-down subsidiary, registered at Sharjah Airport International, UAE, has been liquidated. During 2016-17, Greaves Cotton Middle East (FZC) had recorded total revenue of ₹0.34 crore and loss of ₹0.24 crore. The liquidation/closure of the subsidiary would reduce the expenditure and also the compliance obligations. The stock closed at ₹159.60, down 1.81 per cent, on the NSE.
Veto Switchgears and Cables , which has received an order for six lakh pieces per annum, is in the process of establishing an LED factory in its existing factory area in Vasai, Maharashtra. Production is estimated to start on October 1, following an estimated capex of ₹2.5 crore for production of panel lights, tube lights, and flood lights, among others, the company said in a notification to the exchanges. The factory’s total estimated turnover is ₹30 crore per annum, it said. Shares of Veto Switchgears slumped 2.5 per cent at ₹187.85 on the NSE.