AGC Networks raises Rs 225 crore via issuance of warrants to promoters, promoter group

AGC Networks Limited, a part of Essar Group, on Monday said it has raised Rs 225 crore through issuance of convertible warrants to promoters and promoter group of the company.

"The company has issued 33,33,334 convertible warrants each convertible into equity share of face value Rs 10, to the promoters and promoter group of the company at a price of Rs 675 per warrant, aggregating to Rs 225 crore,” AGC Networks Ltd said in a regulatory filing.

As on September 30, 2020, promoters and promoter group holding in the company stood at 68.94 percent and this would increase to 72.05 percent upon conversion of all warrants, AGC Networks said.

The company said the funds raised would be used to meet growth requirements of the company, reduction in liabilities and general corporate purposes.