Board cancels earlier warrant plan, proposes smaller preferential issue
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On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and 0.1 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board cancelled a prior EGM-approved plan to issue 23,90,000 convertible warrants at about 69.50 rupees each, totalling about 16.61 crore rupees, as the company wants to revise the size and allottee list. Instead, it now proposes a fresh preferential issue of 15,87,100 equity warrants of 10 rupees face value, totalling up to about 1.59 crore rupees, to 17 promoter and non-promoter investors. Pricing will follow SEBI ICDR norms and needs shareholder approval.
New issue is much smaller than the cancelled one, sharply reducing potential equity dilution for existing shareholders. Pricing and shareholder approval pending.