Sah Polymers Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on Jun 06, 2025
AERONEU · price
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Awaiting price reaction for this filing.
Sah Polymers has issued a corrigendum to the notice of its EOGM scheduled for June 6, 2025, mainly clarifying the preferential issue of up to 72,00,000 convertible warrants at Rs. 90 each (face value Rs. 10, premium Rs. 80), aggregating Rs. 64.80 crores. Each warrant is convertible into one equity share within 18 months, with 25% payable upfront and the remaining 75% on conversion. Promoter Aeroflex Enterprises Limited will subscribe to 36 lakh warrants (50% of the issue), while the rest is allocated to six non-promoter entities, including the Ajmera family members and two funds. If all warrants are exercised, the company's equity base will expand from about 2.58 crore shares to 3.30 crore shares. Promoter holding will dip modestly from 60.46% to 57.65%, with no change of control. The corrigendum also adds a valuation report by a registered valuer and confirms the issue price is above the SEBI-prescribed minimum.
Existing shareholders face up to ~28% dilution if all warrants are converted, but the issue is being done at a price above SEBI's minimum calculated level and is anchored by the promoter, signaling confidence. The clarification mainly smooths disclosures and should not materially change the market's view ahead of the June 6 EGM vote.