Preferential allotment of 3.2 crore shares and 20.7 crore warrants
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On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.8 pts less than its Computers Hardware & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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At Rs 1.53 each, the Preferential Allotment Committee allotted 3.2 crore shares to Sanjay Mandavia and Rupal Mandavia, who become promoters after the open offer. Full payment was Rs 4.896 crore. It also allotted 20.7 crore fully convertible warrants to 12 investors at the same price. Holders paid 25 percent, or Rs 7.918 crore; the balance Rs 23.753 crore is due on conversion by April 23, 2028.
Full conversion would increase the number of shares from 11.05 crore to 34.95 crore, implying major dilution, while bringing Rs 12.81 crore upfront.