The board of directors of Shasun Chemicals & Drugs Ltd, a Chennai based Rs 60-crore pharma entity, has decided to issue 4.5 lakh warrants on preferential basis to promoters. Each warrant will be converted into one equity share of Rs 10 each at a premium of Rs 333. In the first phase, the promoters will bring around 10 per cent of the price of the warrants at the time of issue and the remaining 90 per cent will be over the following 18 months. After the conversion of warrants, the promoters stake will increase by 2.5 per cent to 43 per cent.
The company informed the stock exchanges that the resolution in this regard is to be placed before the shareholders for approval.
Earlier in November, the company has given 10 per cent equity stake to GMO Emerging Market Fund, USA. Once the promoters will convert these warrants into equity shares, their stake will be closer to its earlier holdings.
The company also announced interim dividend of 25 per cent for shareholder whose names appear on the company’s register on April 26.