Mangalam Worldwide Converts 3.7 Million Warrants, Solidifies Growth

Mangalam Worldwide Limited has converted 3.7 million convertible warrants into equity shares, marking a pivotal growth milestone. This move reinforces its capital structure and highlights its commitment to shareholder value. Chairman Vipin Prakash Mangal emphasizes the strategic importance of this step in meeting steel industry's rising demands.

Mangalam Worldwide Limited (MWL), a fully integrated stainless-steel company, has announced the successful conversion of 3.7 million convertible warrants into equity shares. This development underscores the company's strategic execution and commitment to adding value for shareholders.

The Board of Directors has approved the allotment of 3.7 million equity shares at a price of Rs 10 each with an additional premium of Rs 97 per share. This conversion is part of a broader allotment of 5.2 million warrants issued earlier. Completed within 18 months of issuance, it signifies MWL's robust growth trajectory and intent to enhance its capital structure in the steel sector.

Chairman Vipin Prakash Mangal remarked on the conversion, stating it reinforces the company's strategy to expand its capital base and propel growth plans. The conversion aligns with MWL's objective to cater to increasing demand for high-quality steel, ensuring its leadership in the market through operational excellence and sustained innovation.

(With inputs from agencies.)