Shankara raises Rs.105 Crs from APL Apollo Mart Ltd. via preferential issue of share warrants

Shankara Building Products Limited announced issue of preferential share warrants worth Rs.105 Crs to APL Apollo Mart Ltd. (a wholly-owned subsidiary of APL Apollo Tubes Limited).

The Company has approved the preferential issue of 14,00,000 share warrants convertible into equity shares (which is 5.77% of fully diluted capital upon conversion) for an offered price of Rs.750 per warrant to APL Apollo Mart Ltd. (a wholly-owned subsidiary of APL Apollo Tubes Limited).

  • Total investment size of up to Rs.180.5 Crs
  • APL Apollo will Immediately invest Rs. 101.8 Crs (Secondary market purchase +25% warrant subscription money) & Remaining investment of Rs 78.7 Crs within 18 months (75% on warrant conversion)
  • The total holding of Apollo Mart in Shankara after the issue of the warrants will be 9.90% on a fully diluted basis