Hubtown Limited approves issue of convertible warrants

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The Board of Directors of Hubtown Limited (“the Company”) in its meeting held today ie. June 23, 2022, has, considered and approved the alteration of Articles of Association of the Company to incorporate Article relating to the issue of warrants convertible into equity shares of the Company, subject to the approval of shareholders of the Company.

The board also approved issuance of upto 72,00,000 (Seventy Two Lakhs) convertible warrants (“Warrants”) at a price of Rs. 57/- (Rupees Fifty Seven only) per warrant with a right to the warrant holders to apply for and be allotted 1 (one) Equity Share of the face value of Rs. 10/- (Rupees Ten only) each of the Company (“Equity Shares”) at a premium of Rs. 47/- (Rupees Forty Seven only) per share for each Warrant within a period of 18 (Eighteen) months from the date of allotment of Warrants, for an amount upto Rs. 41,04,00,000/- (Rupees Forty One Crores Four Lakhs only) to Ms. Meha Shah and Ms. Pratiti Shah, of Promoter Group of the Company, on a preferential basis (“Preferential Issue”) in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), as amended, subject to the approval of shareholders of the Company and other regulatory / statutory approvals, as may be applicable.

Shares of Hubtown Limited was last trading in BSE at Rs. 49.95 as compared to the previous close of Rs. 50.00. The total number of shares traded during the day was 16893 in over 297 trades.

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