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| Exchange Received Time 26/11/2020 14:55:28 Exchange Disseminated Time 26/11/2020 14:55:33 Time Taken 00:00:05 | The Board of Directors of the Company, at its Meeting held on 26.11.2020 have allotted the following securities to Tube Investments of India Limited on preferential allotment basis:
(i)64,25,23,365 equity shares of the Company of face value of Rs. 2 each ('Equity Shares') at a price of Rs. 8.56/- (including premium) per Equity Share aggregating to Rs. 550,00,00,004/-; and (ii)17,52,33,645 warrants ('Warrants'), each carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant within 18 months from allotment. Aggregate consideration for subscribing to equity shares upon exercise of the warrants is Rs.150,00,00,001/- of which INR 37,50,00,000.25 constituting 25% of the aggregate consideration will be paid on warrant subscription by the Prospective Investor.
Post the allotment of securities to TII as stated above, TII has acquired a controlling interest in the Company and holds 50.62% of the paid up equity share capital of the Company. |
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