Disclosure recieved under Reg 29(1) of SEBI SAST Reg. 2011 feom M/s Pineview Portfolio Consultant Private Limited
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Afloat Enterprises Limited (formerly Adishakti Loha and Ispat Limited) has informed BSE about a disclosure received from M/s Pine View Portfolio Consultants Private Limited under SEBI Takeover Regulations. Pine View has been allotted 20,00,000 convertible warrants on a preferential basis, which represents 25% of the total 80 lakh warrants issued by the company. The acquirer is not part of the promoter/promoter group. The warrants will rank pari-passu with existing equity shares upon conversion. The allotment date was May 8, 2025. The company's existing equity capital stands at 45,58,000 shares of Rs. 10 each, totalling Rs. 4.55 crore. The warrants are yet to be converted, so the current equity capital and diluted capital remain unchanged.
This preferential allotment gives Pine View Portfolio Consultants a potential 25% economic interest in the company once warrants are converted, which could lead to significant dilution for existing shareholders. The non-promoter status of the acquirer means this is a fresh incoming investor, which may be viewed as a positive sign of confidence but also increases future share supply.