Considered and approved the allotment of 54,50,000 (Fifty Four Lacs Fifty Thousand) Equity Shares of Rs.10/- at a premium of Rs.62/- per equity share pursuant to conversion of 54,50,000 ....
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Ahmedabad Steelcraft Ltd's board has approved the allotment of 54,50,000 equity shares of Rs.10 face value at a premium of Rs.62 per share, taking the total price to Rs.72 per share. These shares have been issued pursuant to the conversion of 54,50,000 warrants that were previously held. The allotment will result in an increase in the company's paid-up equity share capital.
Share dilution is expected as 54.5 lakh new shares enter the market, but this is a pre-planned warrant conversion rather than fresh fundraising, so the capital was likely already committed earlier. Existing shareholders may see a marginal impact on earnings per share due to the expanded share base.