Ruchira Papers’ warrant shares

The board of Ruchira Papers on Monday allotted 28.80 lakh share warrants convertible into equity shares at ₹62 a warrant to the persons belonging to the promoters/promoter group entities. The company has received the upfront payment of 25 per cent of total consideration as per the terms of the preferential issue. Each warrant is convertible into one equity share and the conversion option can be exercised by warrant holders within 18 months from the date of allotment of warrants, in one or more tranches. The stock of Ruchira Papers closed at ₹2.82 per cent lower at ₹62.