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Tilaknagar Industries Ltd. allotted nearly 34 lakh shares to Madhudsudan-Kela-backed Singularity Equity Fund. Following the news, the stock price declined in Friday's session.

On Thursday, Tilaknagar Industries' Finance Committee of the Board of Directors approved to allot 3.7 crore equity shares with a face value of Rs 10 to warrant holders. The decision followed warrant holders exercising their right for conversion of warrants into equity shares.

The company made the allotment for cash upon the receipt of the remaining exercise price of Rs 286.50 per warrant, aggregating to Rs 1,080.53 crores, Tilaknagar Industries said in an exchange filing.

Post the allotment, Tilaknagar Industries has 24.59

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