Shares of Hind Rectifiers Ltd. are locked in an upper circuit of 20% on Tuesday, July 29, in response to its quarterly results and the raising of funds via issue of warrants to promoters.The company’s revenue increased by 58.5% during the quarter to ₹214 crore, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased by 69% year-on-year to ₹24.3 crore.
EBITDA margin for the quarter expanded by 70 basis points to 11.3% from 10.6% last year, while net profit for the quarter increased by 81.4% on a year-on-year basis to ₹12.7 crore.
The company will also be issuing up to 2 lakh fully convertible equity warrants at a price of ₹1,368.23 per share.25% of the total warrants consideration will be payable at the time of application, while the rest will be paid when the warrants are converted into equity.
EBITDA margin for the quarter expanded by 70 basis points to 11.3% from 10.6% last year, while net profit for the quarter increased by 81.4% on a year-on-year basis to ₹12.7 crore.
The company will also be issuing up to 2 lakh fully convertible equity warrants at a price of ₹1,368.23 per share.25% of the total warrants consideration will be payable at the time of application, while the rest will be paid when the warrants are converted into equity.
Each warrant is convertible into one equity share. The warrants will be issued only to one entity, Elventive Tech Pvt. Ltd.
At the end of the June quarter, Hind Rectifiers promoters had a 43.98% stake in the company.
Shares of Hind Rectifiers are locked in a 20% upper circuit at ₹1,712.2. The stock, with this move, has also turned positive on a year-to-date basis.
