Highlights of the Approval:
- BCL Industries has board approval to raise Rs 201 crore through issuance of warrants on a preferential basis.
- BCL Industries is the only company in India and the South Asian region with a forward and backward integrated distillery ethanol plant.
- The company plans to issue 55,83,334 fully convertible warrants of face value Rs 10 each on preferential basis at an issue price of Rs 360 per warrant.
- A Fund Raising Committee will be established to handle necessary decisions and obstacles related to the proposed fund raising.
- An EGM is scheduled for February 9 to seek members’ approval of the proposals approved by the board.
Details of the Approval:
BCL Industries announced that its board has given the green light to a plan to raise INR 201 crore (about $27 million) by issuing warrants on a preferential basis.
The board has approved the issuance of 55,83,334 fully convertible warrants, each with a face value of INR 10, at an issue price of INR 360 per warrant, for a total of INR 201,00,00,240 in cash.
Additionally, the board has established a “Fund Raising Committee” to handle any issues that may arise during the fundraising process and to engage with professional intermediaries, experts, and advisors as needed.
An extraordinary general meeting will be held on February 9 to seek approval from members for the proposals approved by the board. BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.
The company’s shares were trading at INR 417.90, up 2.36% from the previous close on the Bombay Stock Exchange (BSE).
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