PENNAR INDUSTRIES RECEIVES IN-PRINCIPLE APPROVAL FOR PREFERENTIAL ISSUE OF CONVERTIBLE WARRANTS

PENNAR INDUSTRIES LIMITED HAS RECEIVED IN-PRINCIPLE APPROVAL FROM BSE LIMITED AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED FOR THE ISSUANCE OF CONVERTIBLE EQUITY WARRANTS TO THE PROMOTER CATEGORY ON A PREFERENTIAL BASIS. THE APPROVAL IS FOR THE ISSUE OF 30,00,000 WARRANTS CONVERTIBLE INTO 30,00,000 EQUITY SHARES OF RS. 5/- EACH AT A PRICE NOT LESS THAN RS. 168/- PER SHARE. THE COMPANY HAS BEEN ADVISED TO STRENGTHEN INTERNAL CONTROLS AND OBTAIN UNDERTAKINGS FROM ALLOTTEES REGARDING NON-TRANSACTION OF SHARES UNTIL ALLOTMENT. LISTING APPLICATIONS AND POST-ISSUE FORMALITIES ARE REQUIRED TO BE COMPLETED AS PER SEBI LODR REGULATIONS.

Pennar Industries Limited

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