Sah Polymers Limited has informed the Exchange about Preferential issue
AERONEU · price
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Awaiting price reaction for this filing.
Sah Polymers held an Extra-Ordinary General Meeting on June 6, 2025, where shareholders approved three key items. The main item is the issuance of 72,00,000 fully convertible warrants on a preferential basis at Rs. 90 per warrant, to be allotted to seven investors including the promoter group entity Aeroflex Enterprises Limited (36 lakh warrants), two funds (Benani Capital and VPK Global Venture Fund, 6 lakh each), and four individuals from the Ajmera family (6 lakh each). Each warrant is convertible into one equity share within 18 months, meaning up to 72 lakh new shares could be issued, with a potential total raise of around Rs. 64.8 crore if all warrants are exercised. Shareholders also approved the complete disinvestment of subsidiary Fibcorp Polyweave Private Limited and the appointment of Harikant Turgalia as a Non-Executive Non-Independent Director.
The warrant issue could lead to equity dilution of up to ~18% if all warrants are converted, though half the warrants go to the promoter group (Aeroflex Enterprises) so effective dilution from non-promoter investors is around 9%. The divestment of the subsidiary signals a restructuring move. Watch for the warrant conversion price vs. market price to gauge attractiveness.