Dhani Services Ltd. on Tuesday said its board of directors has approved to raise up to Rs 406.35 crore through the issuance of warrants.
The company will issue up to 4.5 crore warrants which can be converted into the same number of fully paid-up equity shares, according to an exchange filing on Tuesday. Each share issued will be priced at Rs 90.3, including a premium of Rs 88.3.
The warrants will be provided to the company's promoter group entities as per the regulations, subject to any required approvals.
Valerian Real Estate Pvt. and Calleis Infracon Pvt. are the two promoter group entities whom Dhani Services intends to issue 2.25 crore warrants each.
Dhani Services Q2 Performance
Dhani Services reported net profit of Rs 15.91 crore in the quarter ended Sept. 30, as compared to a net loss of Rs 105.49 crore for the same period last year.
The company's revenue from operations rose 4.11% to Rs 102.63 crore in the second quarter of the current fiscal as against Rs 98.58 crore in the year-ago period.
Shares of Dhani Services closed 1.65% higher at 93.9 per share on the National Stock Exchange on Tuesday. In contrast, the benchmark Nifty 50 ended flat. The company's stock has risen by 138.63% in the last 12 months.
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