Rakesh Jhunjhunwala to invest Rs 31 crore in Raghav Productivity Enhancers, shares locked in 5% upper circuit
The company said it would issue and allot 6 lakh CCDs to Rakesh Jhunjhunwala by way of preferential allotment on a private placement basis, having a face value of Rs 515.
August 03, 2021 / 03:35 PM IST
Shares of Raghav Productivity Enhancers continued attracting strong interest from investors as they were locked in a 5 percent upper circuit at Rs 752.70, also their all-time high level, on August 3.
The stock surged after it said in a BSE filing that ace investor Rakesh Jhunjhunwala was to invest about Rs 31 crore in the company by buying six lakh unsecured compulsorily convertible debentures (CCDs) of the company.
The company said it would issue and allot 6 lakh CCDs by way of preferential allotment on a private placement basis, having a face value of Rs 515 with the aggregate amounts on such CCDs of Rs
30,90,00,0000 being convertible into six lakh equity shares of the face value of Rs 10 each of the company at a conversion price of Rs 515.
The company said the CCDs shall be converted into equity shares at the end of 18 months from the allotment of CCDs.