Small-cap stock under ₹50 trades in green despite stock market sell-off
In a regulatory filing, Vishal Fabrics said its Fund Raising Committee approved the allotment of 2.25 crore equity shares of face value ₹ 5 each, at an issue price of ₹ 30.60 per share (including a premium of ₹ ₹ 25.60), pursuant to the conversion of an equal number of warrants issued earlier on a preferential basis.
The warrants were issued to three non-promoter, public investors:
Vikasa India EIF I Fund: Allotted 1 crore equity shares; received ₹ 22.95 crore
Eminence Global Fund PCC – Eubilia Capital Partners: Allotted 75 lakh equity shares; received ₹ 17.21 crore
NEXPACT Ltd: Allotted 50 lakh equity shares; received ₹ 11.47 crore
The total proceeds from the conversion stood at ₹ 51.64 crore, with each investor paying the balance ₹ 22.95 per warrant. Initially, the warrants were issued at ₹ 30.60 per unit with 25% of the issue price ( ₹ 7.65 per warrant) paid upfront.
The company clarified that this completes the warrant conversion process, and no outstanding warrants remain as of date.
Following this conversion, the issued and paid-up share capital of Vishal Fabrics has increased to ₹ 123.81 crore, comprising 24.76 crore equity shares of ₹ 5 each. The newly issued shares will rank pari-passu with the existing equity shares.
Vishal Fabrics share price fell over 4% in one month, but the stock rallied 29% in three months. The smallcap stock has risen 17% in six months, while it has fallen 13% in one year. However, Vishal Fabrics shares have delivered multibagger returns of 118% over the past two years.
At 11:25 AM, Vishal Fabrics share price was trading 1.18% higher at ₹ 36.00 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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