Lord's Mark Industries Limited will issue 10,28,483 equity shares to BCCL, the company that publishes The Times of India, at Rs 158 apiece under a Share Cum Warrant Subscription Agreement between the two companies. The deal, valued at about Rs 16.3 crore, was recorded before the Delhi High Court.
The price reflects the value at which BCCL sought to convert its share entitlement into equity in Lord's Mark Industries. Institutions of BCCL's scale typically carry out detailed commercial evaluation before deciding the price at which they invest, so the transaction stands as a marker of confidence in the company's business and growth prospects, from an investor's perspective.
BCCL sought the conversion of its entitlement at Rs 158 per share, and Lord's Mark Industries honoured the valuation under the terms of the agreement, according to the record before the Delhi High Court.
Sachidanand Upadhyay, managing director of Lord's Mark Industries, said the value of a company is reflected in the confidence of credible institutions. "BCCL sought its share entitlement at Rs 158 per share, and we have honoured our commitment," Upadhyay said. He added that the transaction reflected confidence in the company's long-term vision, business fundamentals and growth potential, and that Lord's Mark Industries remains focused on building a future-ready enterprise while creating value for shareholders.
Lord's Mark Industries has operations in healthcare, diagnostics, medical technology, dialysis and renewable energy, and has expanded in these areas through investment and product development.
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