Board allots 6 crore convertible warrants to four non-promoter entities
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On the reaction day the stock moved 2.3 pts more than Nifty Microcap 250 and 4.3 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board allotted 60,000,000 convertible warrants to four non-promoter entities, 15,000,000 each, for cash at Rs 1 per warrant, totalling Rs 6 crore. The price equals face value, with no premium or discount. Each warrant can later convert into one fully paid equity share of Rs 1 face value.
The issue can raise Rs 6 crore, but conversion may dilute existing shareholders and give new investors voting and dividend rights.