Shree Marutinandan Tubes Allots 22 Lakh Warrants at Rs 103 Each to Non-Promoter Investors
Shree Marutinandan Tubes Limited has allotted 22,00,230 fully convertible warrants at Rs 103.00 per warrant to eight non-promoter individual investors. The warrants, convertible into equity shares within 18 months, were issued after receiving 25% upfront payment. The allotment complies with SEBI regulations and is aimed at raising capital for growth initiatives.
Shree Marutinandan Tubes Limited (SMTL) has received in-principle approval from BSE for a preferential issue of 47,57,280 warrants convertible into equity shares. The issue price is set at not less than Rs 103.00 per share, potentially raising up to Rs 49 crore. The warrants will be allotted to both promoters and non-promoters. SMTL must comply with regulatory requirements and submit a listing application within 20 days of allotment. The BSE approval is subject to compliance with various regulations and post-issue formalities.