Astra Microwave Products Limited has informed the Exchange regarding Outcome of Board Meeting held on May 20, 2025.
ASTRAMICRO · price
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Astra Microwave Products' board, at its May 20, 2025 meeting, approved issuing up to 20,13,885 convertible warrants on a preferential basis at Rs. 864 per warrant, aggregating to about Rs. 174 crore. Each warrant is convertible into one equity share of face value Rs. 2, with an 18-month tenure. Allottees include one promoter group member (Renuka Chitrakar) and five non-promoter investors such as Gopikishan Damani, Suresh Kumar Somani, Kalpesh Suresh Somani Family Benefit Trust, Atim Kabra, and Ratnabali Equity Private Limited. Investors need to pay 25% upfront and the remaining 75% at the time of exercising the warrants. Crisil Ratings has been appointed as the monitoring agency for the use of proceeds. The company has called an Extraordinary General Meeting (EGM) on June 13, 2025, to seek shareholder approval for the preferential issue, with June 6, 2025 set as the cut-off date for e-voting eligibility.
This is a significant fundraise of around Rs. 174 crore, which could dilute existing shareholders once warrants are converted but also brings in fresh capital likely for business growth. The stock may see short-term pressure from dilution overhang, though the entry of reputed non-promoter investors could be viewed positively.