Rane Holdings shines on acquiring stake in Rane Engine Valve
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Rane Holdings is currently trading at Rs. 1146.95, up by 40.30 points or 3.64% from its previous closing of Rs. 1106.65 on the BSE.
The scrip opened at Rs. 1143.95 and has touched a high and low of Rs. 1170.00 and Rs. 1126.85 respectively. So far 3676 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1207.00 on 23-Jun-2023 and a 52 week low of Rs. 606.60 on 28-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1207.00 and Rs. 1028.90 respectively. The current market cap of the company is Rs. 1637.24 crore.
The promoters holding in the company stood at 46.57%, while Institutions and Non-Institutions held 2.04% and 51.38% respectively.
Rane Holdings has acquired 1,71,821 equity shares of face value Rs 10 each fully paid up (1.01%) for a consideration of Rs 5 crore (at an issue price of Rs. 291.00 per equity share) in its subsidiary Rane Engine Valve (REVL) on conversion of entire outstanding 1,71,821 warrants out of the 5,15,463 warrants (issued on March 08, 2022) into underlying equity shares. The overall shareholding of the company in REVL stands increased to 42,16,951 shares (58.29%).
The acquisition of 1,71,821 equity shares arises out of conversion of entire outstanding 1,71,821 warrants out of the 5,15,463 warrants issued on March 08, 2022 by way of preferential offer by REVL to meet its capital expenditure programs for upgradation and modernization of plant and machinery reduction in direct expenses and repayment of loans.
Rane Holdings is the holding company of the Rane Group.
