Postal Ballot Notice for issue of convertible warrants on a preferential basis
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Aeonx Digital Technology Ltd (formerly Ashok Alco-Chem Limited) is seeking shareholder approval via postal ballot to issue up to 2,41,000 convertible warrants on a preferential basis to its promoter group entity, Aura Alkalies and Chemicals Private Limited (whose ultimate beneficial owner is Mr. Manan Shah). Each warrant is convertible into one equity share of Rs. 10 face value within 18 months, with 25% payable upfront and 75% before conversion. The issue price will be determined as per Regulation 164 of ICDR Regulations based on BSE trading data. Upon full conversion, promoter holding will rise from 54.76% to 57.01%, with no change in control. Proceeds will be used for business growth, technology and market initiatives, and general corporate purposes. E-voting runs from 5th June to 4th July 2025.
This is a promoter-driven capital infusion that will dilute existing public shareholders by about 2.25 percentage points (from 42.98% to 40.62% post-conversion). For shareholders, the preferential pricing under ICDR norms and warrant structure (with 75% due on conversion) provides some downside protection, though the lack of a new external investor signals the company's reliance on promoter funding.