Mafatlal soars 4% after board nods preferential allotment of Vrata Tech shares to Shrija Trust

14 Jan 2022 , 09:17 AM

Mafatlal Industries Limited Board of Directors has consented to the proposal of Vrata Tech Solutions Private Limited (VTS) which is a wholly-owned subsidiary of the Company, for the preferential allotment by way of a private placement of 128,572 equity shares of VTS of Rs10/- each at an issue price of Rs82.66/- per share (with a premium of Rs72.66/- per share) in favour of Shrija Trust, a private family Trust of one of the promoters of the Company.

Presently, Hrishikesh A Mafatlal and Priyavrata H Mafatlal, the directors and promoters of the Company, are the trustees of the said Trust. The present paid-up capital structure of VTS is 4,50,000 equity shares of Rs10/- each issued at Rs10/- each.

It may be noted that by virtue of the preferential issue and allotment of VTS when made, VTS will cease to be a wholly owned subsidiary but continue to be a subsidiary of the company.

During early trade on Friday, Mafatlal Industries Ltd was trading at Rs224.95 per piece up by Rs9.3 or 4.31% from its previous closing of Rs215.65 per piece on the BSE. The scrip opened at Rs226.40 and has touched a high and low of Rs226.40 and Rs224.95 respectively.