Board okays Rs 40 crore warrants issue, spices pivot, full management change
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Board raised authorized capital from Rs 5 crore to Rs 45 crore. Plans to issue up to 4 crore warrants at Rs 10 each on preferential basis to 120 allottees to raise about Rs 40 crore. Main object altered to enter spices, food and agro commodities business. Borrowing limit raised to Rs 100 crore. Major board reshuffle: Rahul Jain named MD and Chairman, his wife Sumita made CFO, old MD and CFO resigned. New statutory auditor appointed for 5 years.
Equity dilution risk from warrants. Business pivot to spices and food. Full management change to promoter family raises governance questions.