Market news: Pritika Auto Industries posts 6 percent increase in third quarter net profit | Details here
Earlier in January, the company said its board of directors had approved conversion of 60 lakh warrants into equity shares of face value of Rs 2 each.
New Delhi: Pritika Auto Industries has reported a consolidated net profit of Rs 2.97 crore in the third quarter of FY24. This is an increase of more than 6 percent on an annual basis. PAIL had a net profit of Rs 2.79 crore in the third quarter of FY2023. However, its revenue from operations for the quarter fell 8.98 per cent to Rs 70.83 crore from Rs 77.82 a year ago, it said company in a grant application.
Earlier in January, the company said its board of directors had approved conversion of 60 lakh warrants into equity shares of face value of Rs 2 each. The issue price of these warrants is Rs 19.
The board also approved the capital increase by Pritika Engineering Components Limited (PECL), a subsidiary of the company. The capital will be raised through preferential issue of up to 32,00,000 equity shares of face value of Rs 10 each and up to 6,00,000 convertible warrants.
In December, the National Company Law Tribunal (NCLT) approved the agreement between Pritika Industries Limited (PIL) and Pritika Auto Industries Limited (PAIL) for demerger of the automotive, tractor and engineering parts businesses.
The approval was granted by the Chandigarh Bench of the National Company Law Tribunal on December 4. Once the scheme comes into effect, the demerged company will be known as Pritika Industries Limited (PIL) and the resulting company will be Pritika Auto Industries Limited (PAIL).
As per the exchange filing, eligible shareholders of Pritika Auto Industries (PAIL) would get 10 shares of Pritika Industries (demerged company) for every 63 shares of PAIL of face value of Rs 2 each.
Disclaimer: The article is for information purposes only and not for investment advice.