Promoter allotted 726,829 convertible warrants at Rs 82
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On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 0.9 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Directors approved 726,829 fully convertible warrants for promoter and managing director Mukesh Goel at Rs 82 each, totalling Rs 5.96 crore. He paid 25 percent, or Rs 1.49 crore, upfront; the rest is due if converted within 18 months. Full conversion would raise his stake from 50.20 percent to about 57.49 percent.
No immediate dilution occurs. If all warrants convert, promoter control rises and other holders are diluted; the company receives Rs 1.49 crore now.