NECC Ltd to Issue 1 Cr Warrants to Promoter for ₹18.51 Cr

North Eastern Carrying Corporation Ltd (NECC) announced its proposal to issue 1 crore convertible warrants on a preferential basis to its promoter, Mr. Sunil Kumar Jain. The issuance is either in lieu of cash consideration or against an outstanding unsecured loan. Each warrant is convertible into one equity share of face value Rs. 10/- at a premium of Rs. 8.51/-, totaling an issue price of Rs. 18.51/- per warrant/equity share. The total issue size is up to Rs. 18.51 Crores. The warrants are convertible within 18 months from allotment. Shareholder approval is required for this preferential issue.