The Board of Directors has approved the allotment of 36154529 having face value of Rs 10/-each. The detailed disclosure is attached herewith.
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The Board of Anka India Ltd approved the allotment of 3,61,54,529 equity shares (face value Rs 10) at an issue price of Rs 17 per share on a preferential basis. The allotment is for consideration other than cash, against the swapping/purchase of 10,000 equity shares of Futech Internet Private Limited, implying a total deal value of about Rs 61.46 crore. Shares were allotted to Amit Sharma (2,89,23,624 shares) and Arjit Sachdeva (72,30,905 shares), who are currently non-promoters but will be reclassified as promoters after the open offer and SEBI approval. This is effectively a share-swap-based acquisition of Futech Internet Private Limited by Anka India Ltd.
Existing shareholders face significant equity dilution of around 3.62 crore new shares, while the company gains control of Futech Internet Private Limited without any cash outflow. The entry of new promoters signals a possible change in business direction, which investors should monitor closely.