Specialty Chemical Stock Raises Funds of Rs.188.34 Cr Via Preferential Basis After Stock Split

Stock exchanges have been notified by Sudarshan Pharma Industries that the company's board of directors authorised raising funds up to Rs. 188.34 crores on preferential basis at its meeting on Friday, January 10, 2025.

"To drive business growth, enhance operational capabilities, and secure long-term financial stability, through raising of funds by way of creating, issuing and allotting up to 4,30,00,000 (Four Crores Thirty Lakhs Only) Fully Convertible Warrants Convertible into equivalent number of fully paid-up equity shares of the Company having face value of Re.1/- (Rupee One Only), in one or more tranches, to the persons belonging to "Promoter / Promoter Group and "Non-Promoter, Public Category," said Sudarshan Pharma Industries said in a stock exchange filing.

"The tenure of the warrants shall not exceed 18 (eighteen) months from the date of allotment. Each warrant shall carry a right to subscribe 1 (one) Equity Share per warrant, which may be exercised in one or more tranches during the period commencing from allotment of warrants until the expiry of 18 (eighteen) months from the date of allotment of the warrants. In the event that, a warrant holder does not exercise the warrants within a period of 18 (Eighteen) months from date of allotment of Such warrants, the unexercised warrants shall lapse and the amount paid by the warrants holders on such warrants shall stand forfeited by the Company," said Sudarshan Pharma Industries in a regulatory filing.

The preferential allocation of 9 lakh convertible warrants, each worth Rs. 10/-, at a price of Rs. 169.83, totalling Rs. 15,28,47,000/-, was approved by the Board of Directors on December 18th. An advance payment of Rs. 3,82,11,750, or 25% of the issue price per warrant, has been made to the company by the allottees. 23/11/2024 was the record date for the company's previously announced stock split at a 1:10 ratio. On November 3, 2024, the company's shareholders approved the subdivision of equity shares, lowering their face value from Rs. 10/-each to Re. 1/-each. For the current 1 equity share of Rs. 10/-each, this produced 10 equity shares of Re. 1/-each.

On Friday, the shares of Sudarshan Pharma Industries ended at a 2% lower circuit limit at Rs 48.80 with a market cap of Rs 1.17KCr. The specialty chemical stock reached a 52-week-high of Rs 53.50 on (07/01/2025) and a 52-week-low of 5.82 on (04/06/2024).