Preferential allotment of 97.25 lakh convertible warrants at Rs 40
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Advance Multitech allotted 97,25,000 fully convertible warrants to 118 non-promoter investors at Rs 40 each, Rs 30 above the Rs 10 face value. The company received 25 percent, or Rs 9.725 crore, upfront. Holders must pay the remaining Rs 30 per warrant within 18 months to convert them into one equity share each.
Full exercise would bring Rs 38.90 crore and add 97.25 lakh shares, creating dilution for existing shareholders. Only Rs 9.73 crore has been received so far.