Investor and trader Rakesh Jhunjhunwala's stake in Rishi Laser will rise to about 14.5% over the next 18 months as per report on CNBC-TV18 from Varinder Bansal.
Rishi Laser is a Rs 100 crore company which is into the engineering space. The company had done a convertible warrants placement to Mr Jhunjhunwala a long back and they are now converted. His stake, after conversion of the previous convertible warrants, stands at around 10%.
Checkout: Rakesh Jhunjhunwala's latest portfolio
According to Bansal, in the recent board meeting, Rishi Laser has issued around 4.7 lakh additional convertible warrants to Mr Jhunjhunwala. If he converts them in the next 18 months, the stake will go up to 14.6%. This means that Mr Jhunjhunwala will be holding around 14.6% from the current nearly 10% after the conversion of warrants in this company.
Bansal said he had a word with the management, but that their confirmation is still awaited after posting an e-mail and even an SMS. However, he has learnt that the price of the convertible warrants will be at Rs 101, and this will be done to Mr Jhunjhunwala. Of course there is an outcome of an EGM, which mentions that the board has approved issue of 6.7 lakh convertible warrants, out of which 4.7 lakh will be done to Mr Jhunjhunwala, and two lakh to promoters. After this, if Mr Rakesh Jhunjhunwala converts within 18 months, the stake will go to 14.6%.
