Outcome of Meeting of Board of Directors held on December 17, 2025
Price
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The board approved allotment of 12,10,390 equity shares on a preferential basis at Rs. 863.17 per share (including Rs. 853.17 premium) to 22 non-promoter allottees, raising approximately Rs. 104.48 crore in cash. Additionally, 11,65,000 convertible warrants were allotted at Rs. 863.17 each to promoters and non-promoters, with the potential to raise another Rs. 100.56 crore (25% received upfront, balance within 18 months by June 16, 2027). Promoters Deepak Parasuraman (MD) and Kannan Ramakrishnan (WTD) were allotted 1,50,000 warrants each, while promoter Manjula A received 75,000 warrants, demonstrating promoter commitment. The paid-up equity share capital increased from Rs. 24.86 crore (2,48,57,706 shares) to Rs. 26.07 crore (2,60,68,096 shares). The board also constituted a CSR Committee and approved incorporation of a wholly-owned subsidiary in Dubai, UAE, to expand international operations.
This represents a substantial capital raise of up to ~Rs. 205 crore through preferential allotments, which will dilute existing shareholders but strengthen the balance sheet for international expansion. The promoter participation signals confidence, while the steep issue price (significant premium over face value) suggests strong valuation expectations. Shareholders should note the potential further dilution if all warrants are converted within 18 months.