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NEW DELHI: Rico Auto Industries Ltd said on Saturday that it would issue 1.54 crore equity shares to institutional investors and 30 lakh convertible warrants to its promoter group.

The shareholders at the extraordinary general meeting have approved to issue 1,54,15,000 equity shares of a nominal value of Re 1 each on a preferential basis for Rs 67 per share to institutional investors. The investors include Morgan Stanley India Investment Ltd (56-lakh shares), Morgan Stanley Mutual Fund (44-lakh shares), New Vernon Bharat Ltd (34.45-lakh shares) and Bessemer Venture Partners Ltd (19.7-lakh shares), Rico informed the BSE.

The board also issued 30-lakh convertible warrants to the promoter group, which will be converted into one equity share at Rs 67 per share within 18 months from the date of allotment of warrants.

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