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Ashish Kacholia, Asha Mukul Agrawal acquired major equity share in Concord Control Systems
New Delhi [India] September 10: Concord Control Systems announced that its board of directors had approved a significant proposal to issue 3,18,472 equity shares on a preferential basis to non-promoter entities. The announcement attracted considerable attention from investors, especially after it was revealed that renowned investors Ashish Rameshchandra Kacholia and Asha Mukul Agrawal (wife of [...]
New Delhi [India] September 10: Concord Control Systems announced that its board of directors had approved a significant proposal to issue 3,18,472 equity shares on a preferential basis to non-promoter entities. The announcement attracted considerable attention from investors, especially after it was revealed that renowned investors Ashish Rameshchandra Kacholia and Asha Mukul Agrawal (wife of prominent investor Mukul Agrawal) were among the recipients of the new shares.
In a detailed exchange filing, Concord Control Systems disclosed that the board had approved the preferential issue of 3,18,472 fully paid-up shares, each with a face value of Rs 10. These shares are being offered at a premium price of Rs 1,570 per share, including a security premium of Rs 1,560, bringing the total value of the issue to approximately Rs 50 crore.
The preferential issue was planned, with shares being allocated to four non-promoter entities: Ashish Rameshchandra Kacholia, Asha Mukul Agrawal, Opuleny Advisors and Consultants LLP, and Everest Finance & Investment Co. The stakes post-issuance are significant and demonstrate the company’s strategic intention to bolster its shareholder base with seasoned investors.
