Uniply Industries share price rallied more than 5 percent intraday Thursday after Malabar India Fund raises stake in the company to 8.49 percent on Wednesday.
Malabar India Fund has bought 8.35 lakh equity shares (representing 3.49 percent of total paid up equity) of the company through open market transaction on April 25.
The fund has increased its stake to 8.49 percent from 4.99 percent earlier.
Meanwhile, the plywood and allied product manufacturer on Wednesday approved the allotment of fresh fully paid up 45,14,798 equity shares at Rs 410.85 per share on preferential basis to non-promoters.
After this share allotment, the issued, subscribed and paid up share capital has been increased from Rs 23.9 crore (2,39,07,199 equity shares of Rs 10 each) to Rs 28.42 crore (2,84,21,997 equity shares of Rs 10 each).
The board of directors also approved the allotment of 96,28,824 convertible share warrants at Rs 410.85 per warrant on preferential basis to promoter and non-promoters.
The warrants allotted will be converted into equity shares of Rs. 10/- each upon exercise of convertibility by the holders within a period of 18 months from the date of allotment, Uniply said.
At 13:06 hours IST, the stock price was quoting at Rs 474.75, up Rs 15.45, or 3.36 percent on the BSE.
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