Board clears 1.5 cr warrants to promoter group, Rs 70 cr PNB loan
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved issuing 1.5 crore convertible warrants at Rs 32.55 each, raising about Rs 48.83 crore from NK Family Private Trust (promoter group) on a preferential basis. Post-conversion, promoter stake will rise to about 8.89 percent. Warrants convertible within 18 months with 25 percent upfront. Board also cleared a Rs 70 crore credit line from Punjab National Bank for working capital, and appointed former SBI chairman Rajnish Kumar and tech entrepreneur Nikunj Kampani as board advisors.
Shareholder approval via postal ballot needed; promoter stake to rise to 8.89 percent after conversion; new debt may pressure interest costs.