NBFC stock Golden Legend Leasing & Finance Ltd opens in green even as benchmark indices Sensex and Nifty tumbled in early trade on Monday as the ongoing war in West Asia continues to rattle markets globally, driving crude oil prices higher. The stock is in focus as the company, in its latest exchange statement, stated that its Board of Directors has approved the allotment of 6.63 crore convertible warrants to non-promoter (public) category investors following the receipt of a total of Rs 21.49 crore, 25 per cent of the total amount of warrants.
Convertible into equity shares in a 1:1 ratio
These warrants are subsequently convertible into equity shares in a 1:1 ratio, with a face value of Rs 10 per share and an issue price of Rs 12.96. The allotment is made on a preferential basis in accordance with SEBI and other applicable regulations. Investors can convert these warrants into equity shares in one or more tranches within 18 months, but if the conversion is not completed within the stipulated time, the warrants will expire and the deposit amount will be forfeited.
"Warrants carrying option to subscribe to the equity share of the Company, in the ratio of 1 (One) equity share having Face Value of Rs. 10/- (Rupees Ten Only) each at an issue price of Rs. 12.96/- (Rupees Twelve and Ninety-Six Paise Only) including premium of Rs. 2.96 /- (Rupees Two and Ninety Six Paise Only), at an aggregate consideration of 21,49,77,240," the company said in its BSE filing.
The exchange filing also stated that the warrants can be converted into shares at any time, one year or before the expiry of the 18-month duration from the date of allotment. The filing also stated that investors can convert the warrants in one or more tranches.
Share price today
The stock started the trading session in green at Rs 9.30 against the previous close of Rs 8.78 on the BSE. Amid a spurt in trading volume by more than 1.51 times, it later touched the high of Rs 10.49, a gain of 19.47 per cent. Last seen, the stock was trading at Rs 9.38 with a gain of 6.83 per cent.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
