Kitchen appliances maker Inflame Appliances said its board has approved a preferential allotment of shares to raise Rs 24.64 crore from a clutch of high networth individuals and corporate bodies.
Nikhil Vora and Ashish Kacholia are the among the 11 investors who will be subscribing to the issue at Rs 370 a share or “any such other price as may be determined on relevant date by the board of directors, which shall not be less than minimum price determined in accordance with SEBI ICDR Regulations,” according to an exchange filing dated May 27.
Inflame shares closed at Rs 412.55 on the BSE on May 27, up 6.6 percent over their previous close.
After the preferential issue, promoter holding in the company will fall from around 48 percent to 44 percent, while public holding will rise to 56 percent from 52 percent.
The Inflame board has also approved the increase in authorised capital of the company from Rs 7 crore to Rs 10.5 crore.