Board approves 4 crore warrants issue on preferential basis at Rs 10 each
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Advance Multitech board approved issuing up to 4 crore convertible warrants at Rs 10 each, totaling Rs 40 crore, to 120 allottees (mostly promoter family). Also raised authorized capital from Rs 5 crore to Rs 45 crore, boosted borrowing limit to Rs 100 crore, added spices and agro business to main objects, appointed new MD, executive directors, CFO, and statutory auditor for 5 years. Multiple prior directors resigned in a major board overhaul.
Warrants will dilute existing shareholders if converted. Most allottees are promoter family, indicating possible control shift. Major board and business direction change underway.