Aeroflex Neu Limited (Formerly known as Sah Polymers Limited) has informed the Exchange regarding allotment of 7200000 convertible warrants at its Board meeting held on July 25, 2025
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On the reaction day the stock moved 0.6 pts more than Nifty Microcap 250 and 0.7 pts more than its Packaging peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Aeroflex Neu Limited (formerly Sah Polymers Limited) has allotted 72 lakh convertible warrants at Rs. 90 per warrant (face value Rs. 10), aggregating to Rs. 64.80 crores, on a preferential basis. Each warrant is convertible into one equity share within 18 months. Allottees include Aeroflex Enterprises Limited (promoter group) with 36 lakh warrants, and two non-promoter investors — Benani Capital Scheme-1 and VPK Global Venture Fund-Scheme-1 — with 6 lakh warrants each. An upfront amount of 25% of the issue price has already been received from the investors. Post full conversion, the promoter's stake will be around 54.30% and VPK Global Venture Fund will hold 1.85% in the company.
This preferential warrant issuance will dilute existing shareholders upon conversion, though the promoter group is the largest allottee which helps consolidate their holding. The 18-month conversion window means full equity dilution is spread out, and the Rs. 64.8 crore inflow (when fully converted) can be used for business expansion or debt reduction — though the company has not specified the end use of funds in this filing.