Rs 40 lakh received for preferential convertible warrants
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The board approved receipt of the third payment of Rs 40 lakh from Garima Venture Finance Ltd for preferential allotment of convertible warrants. The warrants are priced at Rs 21.50 each, including a premium of Rs 11.50 and face value of Rs 10.
The payment advances a preferential warrant issue and may add capital, but conversion later could dilute existing shareholders.