Small-cap stock below ₹10: SBICAP raises stake in Vishal Fabrics | Stock Market News
Source: Live Mint
Stock Market Today: SBICAP Trustee Company Limited has raised stake in Vishal Fabrics, the Small-cap stock below ₹10.
As per the release by SBICAP Trustee Company Limited, the holding of SBICAP before the acquisition under consideration stood at 12,260,847 shares of Vishal Fabrics which was equivalent to 6.20% stake of SBICAP in Vishal Fabrics.
However post acquisition of more shares by SBICAP Trustee Company Limited in Vishal Fabrics, the share holding of SBICAP has increased to 12,622,350 or 6.38% stake in Vishal Fabrics.
This means that SBICAP Trustee Company Limited has acquired 3,61503 shares of Vishal Fabrics which is equivalend to addition of 0.183% stake by SBICAP Trustee Company Limited in Vishal Fabrics.
As per the release by SBICAP Trustee Company Limited, it had acquired additional stake in Vishal Fabrics on 31 October 2024.
Vishal Fabrics share price opened at ₹30.95 on the BSE on Tuesday, higher than previous close of ₹30.05. The Vishal Fabrics share price while saw intraday highs of ₹30.95 the vishal Fabrics share price also dipped to intraday lows of ₹29.56.
Fundraising
Meanwhile in an earlier release on the exchanges Vishal Fabrics had announced raising ) funds through Preferential issue. Vishal Fabrics in its release said that ₹1,53,00,00,000/- ( ₹153 crore) is the total issue size. However, as on September 30, 2024, Company has received 25% of the issue size i.e. ₹38,25,00,000/- ( ₹7.65/warrant for 5,00,00,000 warrants), as upfront consideration/subscription amount.
Balance 75% ( ₹22.95/warrant) will be received by Visal Fabrics as and when the conversion option is exercised by the warrant holder to convert warrants into equity shares during the tenure of 18 months of the warrant, said Vishal Fabrics in its release
The Objects of the issue as per Vishal Fabrics is that funds may be used for meeting its working capital requirements, Repayment of Unsecured loans /creditors / secured loans, general corporate purposes and meeting issue related expenses.
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