Ace investor Rakesh Jhunjhunwala and his wife reduced stake in Autoline Industries by around half a percent as per the latest shareholding pattern.
Jhunjhunwala Rakesh Radheshyam held 3.61 percent equity stake in the company and his wife Jhunjhunwala Rekha Rakesh 2.59 percent at the end of the September quarter.
The company disclosed its latest shareholding pattern on November 19. As per the same, Jhunjhunwala Rakesh Radheshyam has 3.29 percent and his wife 2.36 percent stake in the auto ancillary company.
It means together they have reduced stake in the company to 5.65 percent as of November 19, against 6.2 percent as of the September quarter.
Apart from that, Indianivesh Rennaisance Fund also lowered its stake in the company to 15.48 percent from 16.97 percent in the same period.
However, JM Financial Asset Reconstruction Company Limited acquired 8.73 percent stake via preferential allotment of equity shares and
9 percent optionally convertible debentures pursuant to conversion of debt into equity.
In accordance with the restructuring scheme, on November 10, Autoline approved the allotment of 27,02,703 equity shares having face value of Rs 10 each of the company to JM Financial Asset Reconstruction Company (JMFARC) by converting its secured loan upto Rs 10 crore at a price of Rs 37 each.
The company also approved the allotment of 21,42,857 optionally convertible debentures (OCDs) carrying 9 percent interest to JMFARC by converting its secured loan up to Rs 15 crore at a conversion price of Rs 70 each.
Each OCDs can be converted into 1 equity share at any time prior to the expiry of 18 months from the date of its allotment or shall be redeemed at issue price, the company said.
Autoline Industries posted consolidated loss of Rs 12.49 crore in the September quarter, compared to Rs 18.26 crore loss in the same period last year. Revenue from operations in the same periods fell to Rs 61.5 crore from Rs 83.07 crore YoY.
