The board approved to issue up to 58,08,080 fully convertible warrants at Rs 198 per share, each convertible into, or exchangeable, at an option of the proposed allottee, within a maximum period of 18 months from the date of allotment, the company said in a BSE filing.
Atul Auto will allot 50,50,505 warrants to non-promoter Vijay Kishanlal Kedia, 6,56,565 warrants to promoter Khushbu Auto Private Limited and 1,01,010 warrants to promoter Jayantibhai Jagjivanbhai Chandra, the company said.
At 12:19 pm, the scrip was trading 10 per cent higher at Rs 235 over its previous day’s closing price of Rs 214 apiece. The stock has risen about 22 per cent in the last month, while it has surged nearly 20 per cent year-to-date.
Atul Auto, incorporated in the year 1986, is a small-cap company (having a market cap of Rs 515 crore) operating in the autosector. Its key products include 3-wheelers and auto spare parts.