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NCC issues 1.8 crore convertible warrants: Promoter stake to go up by 3-3.5%

Updated : December 30, 2020 16:17:06 IST

NCC is on radar after the company issues 1.8 crore fully convertible warrants to promoters. These convertible warrants have been issued on a preferential basis.

In an interview to CNBC-TV18, YD Murthy, EVP-Finance of the company, said, “Because of series of dilutions during last 10 years the promoter stake in the company has come down to about 19.7 percent and so promoters are planning to increase their stake by subscribing to these warrants.”

“By doing this the promoter stake in the company is likely to go up by about 3-3.5 percent. The company will also increase its net worth and the money received in promoter warrant issue will be available for general corporate purposes in the company,” he added.

On pricing front, he said that the conversion price of warrants will be according to Securities and Exchange Board of India (SEBI) mandate.

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