Three-wheeler maker Atul Auto’s shares rallied 6.30% on Monday’s intraday trade to reach a high of ₹ 341.00 apiece after ace investor Vijay Kedia increased his stake in the company by 7.05%. The company’s shares closed 5.36% higher at ₹ 338.00 apiece on Monday’s closing bell.
Vijay Kedia, who is also a director at Atul Auto has raised his stake in the company by 7.05% by converting warrants into equity shares. With this, his stake has increased to 8.43% as compared to a 1.5%stake held earlier. According to a regulatory filing, Vijay Kedia has acquired 16,83,502 equity shares of the company.
In October 2022, Atul Auto had allotted 50,50,505 fully convertible warrants at a price of ₹198 per share to the investor. These warrants could be converted to equity shares within 18 months from the date of allotment.
Atul Auto has recently forayed into the electric vehicles (EV) space by launching cargo and passenger variants of electric three-wheelers at the Auto Expo. It is a small-cap company with a market capitalization of ₹ 704 crores. It has a dividend yield of 1.27% and an ideal debt-to-equity ratio of 0.74.
Written by Simran Bafna
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