Arihant Capital Markets Limited has informed the Exchange regarding 'Intimation of receipt of in-principle approval for the issue of 50,00,000 equity shares, upon conversion of warrants, to persons belonging to the promoter category on a preferential basis.'.
ARIHANTCAP · price
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Arihant Capital Markets has received in-principle approval from the exchange to issue 50 lakh (5 million) equity shares on a preferential basis. These shares will be issued upon the conversion of warrants that were previously allotted to persons belonging to the promoter category of the company. The approval is a procedural step required before the actual allotment of shares can take place.
This signals promoter confidence and a likely increase in promoter's shareholding in the company once the warrants are converted into equity. However, it may also lead to some equity dilution for existing shareholders. The stock may see short-term pressure depending on the conversion price relative to market price.