Lisitng of 80 lacs equity shares to promoter and non promoter on preferential basis pursuant to conversion of warrants
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Awaiting price reaction for this filing.
Afloat Enterprises (formerly Adishakti Loha and Ispat) has received BSE approval for listing of 80,00,000 equity shares of Rs. 10 each issued to promoter and non-promoter allottees on a preferential basis following conversion of warrants. The shares were allotted at a premium of Rs. 2.80 per share (total issue price of Rs. 12.80), carrying distinctive numbers from 45,58,001 to 1,25,58,000. Trading approval is still pending and will be granted once the company submits NSDL/CDSL credit confirmations and lock-in confirmations to the exchange. The company also recently underwent a name change from Adishakti Loha and Ispat Limited to Afloat Enterprises Limited.
This increases the company's listed share count and float, which could dilute existing shareholders slightly. The warrant conversion means promoters/allottees are now formally holders of these shares, but actual trading is not yet active, so immediate price impact should be limited.