Allotment of 1,41,00,000 Equity Shares of face value of ? 1/- each fully paid up ('Equity Shares') on a preferential basis
Awaiting price reaction for this filing.
BJ Duplex Boards has allotted 1,41,00,000 equity shares of ₹1 face value at par (₹1 per share), raising ₹1,41,00,000 on a preferential basis. The shares went to new promoter Prabhatam Investments Pvt Ltd (1,06,00,000 shares), Mayank Gupta from promoter group (25,00,000), and non-promoter Sandesh Jaju (10,00,000). The paid-up equity capital has nearly quadrupled from about ₹49.28 lakh to ₹1.90 crore. As a result, Prabhatam Investments has become the new promoter of the company, leading to a complete change in control. The former Whole-Time Director, Executive Director, and CFO have all resigned due to this change, and new directors (Mayank Gupta as Executive Director and Subhash Sahu as Non-Executive Director) have been appointed. Board committees have been reconstituted and the old promoters have been reclassified to the public category.
This is a significant control change event where new promoters have taken over the company through a preferential issue at face value. Existing minority shareholders should note the dilution (paid-up capital nearly quadrupled) and the complete management overhaul, which could materially affect the company's future direction and strategy.