Outcome of Board Meeting held on September 02, 2025. Issue of Convertible Warrants was made as a part of Preferential issue.
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Afcom Holdings' board, meeting on September 2, 2025, approved raising funds through three routes on a preferential basis. First, up to 12,35,390 equity shares will be issued to non-promoter investors at Rs. 863.17 per share (face value Rs. 10, premium Rs. 853.17), raising up to Rs. 106.6 crores. Second, up to 11,65,000 convertible warrants will be issued to promoter and non-promoter investors at the same price of Rs. 863.17, potentially raising another Rs. 100.6 crores, with 25% payable upfront and the rest within 18 months on conversion. Third, the board approved a Qualified Institutions Placement (QIP) of up to Rs. 200 crores, with GYR Capital Advisors appointed as Book Running Lead Manager. The authorised capital was also increased from Rs. 25 crore to Rs. 30 crore, subject to shareholder approval at the AGM on September 25, 2025. Combined, the company is laying the groundwork to raise up to roughly Rs. 407 crores.
This is a significant capital-raising exercise that will dilute existing shareholders, but it also signals the company's intent to fund growth. The very high issue price of Rs. 863.17 (a large premium over face value of Rs. 10) suggests a strong share price, which existing shareholders may view positively. Shareholders should watch the AGM outcome and eventual QIP pricing closely, as both will determine actual dilution and use of funds.