BCL Industries board okays Rs 201 crore fund raising; stock up 35% in a week

BCL Industries' share scripted a quick recovery from the early cuts. The stock rose in the early trade on Friday after the company announced to raise funds via convertible warrants. 

BCL Industries said, in an exchange filing, that the company board has approved to raise more than Rs 201 crore via the issuance of aforesaid warrants. The company board has met on Thursday, January 12.

BCL Industries' board has approved to allot up to 55,83,334 fully convertible warrants, with a face value of Rs 10 each, at an issue price of Rs 360 apiece. These warrants cumulatively amount to a total of Rs 2,01,00,00,240, said the exchange filing.

BCL Industries will issue the warrants to promoters, non-promoters and public persons on a preferential basis. Each warrant can be converted into one equity shares, the filing added. However, the issuance of warrant is subject to the approval from the shareholders and other authorities.

BCL Industires' shares recovered about 3 per cent to Rs 413.10 from day's low of Rs 405.75. The scrip had settled at Rs 408.25 on Thursday.

BCL Industries have jumped 35 per cent in the last one week from Rs 306.25, whereas the stock is up 27 per cent in January 2023 so far. However, its performance has remained majorly flat in the last one year.

The company board has also approved to increase the authorized share capital of the company from Rs 25 crore to Rs 35 crore and consequent amendment in the Memorandum of Association of the company.

BCL Industries' board as decided to call an extra-ordinary general meeting (EGM) on February 9, 2022 to seek the approval from the shareholders for the same.

BCL Industries is agro-based manufacturer of edible oils includes refined oils in the name of 'Homecook Vanaspati', 'Do Khajoor' and Mustard as 'Murli'.

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