Panatone Finvest increases stake in Tejas Networks to 52.45%; Stock zooms 3%

8 Apr 2022 , 11:51 AM

The Share Allotment Committee of the Board of Directors of Tejas Networks Limited at their meeting held on April 8, 2022 has issued and allotted 3,68,21,706 equity shares of a face value of Rs.10/- each fully paid up to Panatone Finvest Limited consequent to the exercise of 3,68,21,706 Series A Warrants held by Panatone Finvest Limited.

As per the filing, the allotment has been made for cash, upon the receipt of the remaining exercise price of Rs. 193.50 per Series A warrant (being an amount equivalent to the 75% of the warrant exercise price of Rs. 258/- per warrant), aggregating to Rs. 712,50,00,111/-. These equity shares allotted on exercise of the warrants, shall rank pari passu in all respects with the existing equity shares, including dividend, if any.

Further, the shareholding of Panatone Finvest Limited after allotment of equity shares upon exercise of Series A Warrants will be 52.45% of the Equity Share Capital.

At around 11:47 AM, Tejas Networks was trading at Rs557.45 apiece up by Rs16.05 or 2.96% on the BSE.