Company news: AYM Syntex

Mandawewala Enterprises, promoter of AYM Syntex , has increased its stake in the company. AYM Syntex has allotted 43.16 lakh shares (2.50 per cent stake) at ₹75 a share on August 31, on conversion of an equal number of warrants, which were allotted on March 8, 2018, on preferential basis with an option to convert it into equity shares within 18 months. After the acquisition, the shareholding of the promoter group in AYM Syntex stands increased to 72.50 per cent from 70 per cent. Shares of AYM Syntex slumped 3 per cent at ₹31.50 on the BSE.