Allotment of Equity Shares and Equity Convertible Warrants.
Awaiting price reaction for this filing.
The board of Dugar Housing Developments Limited approved a preferential allotment of 67,00,000 equity shares at Rs. 12 per share (face value Rs. 10, premium Rs. 2) to non-promoter investors, raising about Rs. 8.04 crore. Separately, 27,00,000 fully convertible equity warrants were allotted at Rs. 12 per warrant, with 25% (Rs. 81 lakh) subscription money already received; the balance 75% is due within 18 months. Allottees include individuals such as Vinoth Kumar Mohanadas (largest, getting ~28.8 lakh shares and ~24.3 lakh warrants) along with foreign funds like NorthStar Opportunities Fund, Altitude Investment Fund, and Unico Global Opportunities Fund. Combined, the company could raise up to Rs. 11.28 crore if all warrants are converted.
The preferential issue will dilute existing shareholders, though the modest size (around Rs. 11.28 crore potential) limits the impact. Issuance at a premium to face value is mildly positive as it values shares above par, but watch for further dilution if warrants convert within 18 months.