Astra Microwave Products Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on Jun 13, 2025
ASTRAMICRO · price
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Astra Microwave Products has called an Extraordinary General Meeting (EGM) on Friday, June 13, 2025 at 11:00 AM via video conferencing to seek shareholder approval for issuing up to 20,13,885 convertible warrants at Rs. 864 each, potentially raising up to Rs. 173.99 crores on a preferential basis. Each warrant (face value Rs. 2) is convertible into one equity share within 18 months, with 25% (Rs. 216) payable upfront and the remaining 75% (Rs. 648) on conversion. The warrants are proposed to be allotted to 6 specific allottees, including one promoter group member (Renuka Chitrakar) and five non-promoter entities/individuals such as Gopikishan Damani, Suresh Kumar Somani, Kalpesh Suresh Somani Family Benefit Trust, Atim Kabra, and Ratnabali Equity Pvt Ltd. The proceeds will be used for working capital requirements and general corporate purposes. The cut-off date for voting eligibility is June 6, 2025, with remote e-voting open from June 9-12, 2025.
This is a preferential equity dilution event, as full conversion would add up to ~20.14 lakh new shares (about ~2.6% of share capital assuming current ~7.7 crore share base) to the equity. While the fund raise of ~Rs. 174 crores can strengthen the balance sheet for working capital, existing shareholders should assess the warrant issue price of Rs. 864 versus prevailing market price to gauge dilution impact. The resolution requires a special resolution, so retail investors should monitor and consider voting at the EGM.