MUMBAI: Anil Ambani Group company Reliance Capital has acquired equity stake in Precision Wires India, a maker of enamelled copper wires, for Rs 17.7 crore.
The Board of Directors of Precision Wires allotted 10 lakh shares at a price of Rs 177.15 each upon conversion of convertible debentures to Reliance Capital Trustee Company on account of Reliance Tax Saver (ELSS) Fund.
Another tranche of one lakh shares were also allotted to Mumbai-based Pradeep Sandeep Trading & Investment at the same price, Precision Wires informed the Bombay Stock Exchange.
The shares were allotted as a result of the conversion of 11 lakh convertible debentures carrying a coupon rate of 13 per cent per annum, it added.
Following the allotment, the paid up share capital of Precision Wires will increase by Rs 1.10 crores and share premium amount by Rs 18.38 crore.
