Rane Holdings Ltd.’s (RHL) shareholding in subsidiary Rane Engine Valve Ltd. (REVL) has increased 2.19% to 57.28% due to partial conversion of 5.15 lakh warrants into equity shares for about ₹10 crore.
RHL was issued 3,43,642 lakh shares at a price of ₹291 per share. The balance 1.72 lakh warrants are due for conversion by September 8, the company said in a regulatory filing.
REVL would use the proceeds to meet its capital expenditure programmes for upgradation and modernisation of plant and machinery, reduction in direct expenses and repayment of loans.
