Arihant Superstructures Limited has informed the Exchange about conversion of Warrants on Preferential Basis under the provisions of SEBI (ICDR) Regulations, 2018
ARIHANTSUP · price
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Arihant Superstructures Limited has allotted 20,90,000 equity shares of face value Rs. 10 each to three warrant holders who exercised their conversion right. The conversion price was Rs. 180.071 per share, with the remaining 75% exercise amount of Rs. 135.053 per share (totalling Rs. 28.23 Crore) received in cash. The allottees are Monarch Comtrade Private Limited (20,00,000 shares), Nikunj Pravin Shah (50,000 shares), and Jignasa Nikunj Shah (40,000 shares), all classified as non-promoters. As a result, the company's paid-up equity capital increased from 4,11,59,991 to 4,32,49,991 shares, a dilution of about 5.08%.
The conversion is mildly dilutive for existing shareholders but brings in Rs. 28.23 Crore of fresh capital without any debt. Since this was a pre-committed preferential allotment from December 2023, the dilution was largely anticipated by the market and may have a limited negative impact on the stock price.