Wadhwan Global increases stake in Devan Housing, invests Rs 375 cr

dhflHome loan and housing finance company Dewan Housing Finance Co Ltd said it issued 2.12 crore shares to promoter Wadhawan Global Capital Pvt Ltd. as part of conversion of outstanding warrants.

The warrants were issued in March after taking a payment of Rs 125 crore. The remaining Rs 375 crore has been paid upon conversion.

The conversion implies a price of Rs 235.50 per share. The current market price of the shares is Rs 280 each.

25% of the total consideration amount, Rs 125 crore, was paid at the time of issue of the warrants and balance amount had to be paid within 18 months from the date of allotment at any time on or before September 10, 2017.

With this, WGCPL’s shareholding in the company has increased to 37.39% and the promoter group’s shareholding has increased to 39.31%.

The aforesaid equity shares will be similar in all respects with the existing equity shares of the Company.

Consequent to the allotment of aforesaid equity shares, the Paid-up Equity Share Capital of the Company stands increased from 29.18 cr equity shares to 31.3 shares of face value of Rs. 10/- each.