Please find attached herewith the Outcome of Meeting of Fund Raising Committee of Ashika Credit Capital Limited, held today, i.e. 2nd May, 2025, for your reference and record.
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Ashika Credit Capital's Fund Raising Committee approved the conversion of 4,43,464 convertible warrants into equity shares allotted to Harsh Jain (Non-Promoter) at Rs. 306 per share, receiving Rs. 10.17 crore as the balance 75% amount. This is the latest tranche in a series of conversions following the original allotment of 95,31,000 warrants on 28 October 2024. With this conversion, 94,71,464 warrants (out of 95,31,000) have now been converted into equity shares, while 59,536 warrants lapsed due to non-exercise. The company's paid-up equity share capital has risen to Rs. 38.19 crore, comprising 3,81,90,464 equity shares of Rs. 10 each. Promoter warrants (7,20,000) have been fully converted, and most non-promoter warrants have also been exercised.
This is the final phase of the earlier warrant issue, leading to equity dilution of about 1.18% to the new allottee and increasing the total share count. With nearly all warrants converted, the overhang from this preferential issue is largely cleared, though share price may face mild dilution pressure from new shares entering the system.