‘Jai Balaji Inds. Ltd.’, informed the exchanges on 18 May 2016, about allotment of 40,00,000 equity shares of face value Rs. 10 each, pursuant to exercise of right for conversion of warrants into equity shares.
The company had allotted 2,26,05,000 convertible warrants at face value of Rs. 10 per warrant on preferential basis to members of their promoter and non-promoter group, on 22 March 2016. The warrant holders had paid subscription money being 25 percent of warrant price in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, at the time of allotment of warrants. Accordingly, out of the total of 2,26,05,000 warrants, 40,00,000 warrants have already been converted and an equal number of equity shares were allotted on 30 March 2016.
The allottees of preferential warrants ‘Shri Jaikapish Steel private Limited’ and ‘Shri Sankatmochan Steel Private Limited’ (promoters of the company) have exercised their right for conversion of 25,00,000 and 15,00,000 warrants respectively into equal number of equity shares of face value of Rs. 10 each fully paid up of the company. Thus, out of the remaining 1,86,05,000 warrants, the aforementioned allottees have together exercised right of conversion for 40,00,000 warrants.
Post conversion, the total outstanding paid up capital of ‘Jai Balaji Inds. Ltd.’ stood at Rs. 817.8 million, the total number of outstanding shares increasing to 8,17,81,486 shares of Rs. 10 each.
‘Jai Balaji Inds. Ltd.’ was incorporated in the year 1999. Industry group and the main product/service group of the company is ‘Metal products’ and ‘Iron & steel’ respectively, in Prowess. The company belongs to the manufacturing sector and is listed on both the stock exchanges - the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
Information about conversion of share warrants by companies can be obtained in Prowess using the ‘Changes in Equity Capital’ report in the ‘Report Viewer’. It provides a lot of additional information such as capital issue type, security type and capital issue date.