Enclosed herewith the In-principle approval received under Regulation 28(1) of SEBI LODR Regulations, 2015 for proposed issue of Convertible Warrants.
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Adhata Global Ltd (formerly M V Cotspin Limited) has received in-principle approval from BSE for issuing 20,00,000 convertible warrants on a preferential basis. Each warrant is convertible into one equity share of Rs. 10 face value at a price not less than Rs. 50 per share. The warrants will be issued to both promoters and non-promoters. The total potential fund raise could be up to Rs. 10 crore (based on minimum price). This is a procedural approval — the actual allotment and listing of shares upon conversion will require further compliance with SEBI ICDR and LODR regulations.
The preferential issue could dilute existing shareholders by up to 20 lakh shares once warrants are converted and exercised. Promoters' participation suggests management confidence, but retail investors should watch for any related-party pricing concerns and the final allotment details.