Vishal Fabrics shares boom despite the decline in stock market, impact of converting 50 lakh warrants into equity

On Thursday, the Indian stock market saw a decline due to global signals and profits. In early trade, the Sensex fell 242.01 points to 79,874.48, while the Nifty fell 72.3 points to 24,256.65. However, in this falling environment, shares of textile company Vishal Fabrics showed a positive attitude and were seen trading at Rs 27 with a gain of 1.09%.

Why shares of Vishal Fabrics climbed?

The company has decided to convert 5 million warrants into equity shares.

• This decision was taken in the meeting of the Fund Resinging Committee on 23 April.

• The face value of each share is Rs 5.

• These shares were released at the rate of Rs 30.60 per share on preferred basis.

• The company received a total amount of Rs 11.47 crore from this decision.

Investors have gained the right by paying Rs 22.95 (75% issue price) for each warrant to convert them into equity shares.

Market condition

The main reasons for the decline:

Top Gainers (Sensex Pack):

• Bajaj finance

• Bajaj Finserv

• Tata motors

• Maruti Suzuki

• Hindustan Unilever Limited (HUL)

• SBI

Top Loozers:

• Internal

• Infosys

• HDFC Bank

• Sun pharma

• ICICI Bank

• TCS

Bihar News: Big Relief for Bihar: Doubling of Narkatiaganj-Darbhanga and Sitamarhi-Muzaffarpur railway line starts, approval of 130 crores