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