Astra Microwave Products Limited has informed the Exchange regarding 'Receipt of 'In-principle approvals under Regulation 28(1) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 fromstock exchanges'.
ASTRAMICRO · price
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Awaiting price reaction for this filing.
Astra Microwave Products has received in-principle approvals from both BSE and NSE for issuing 20,13,885 convertible warrants on a preferential basis. Each warrant, with a face value of Rs. 2, can be converted into one equity share of Rs. 2 face value at an issue price of Rs. 864 per share. The warrants will be allotted to persons belonging to the promoter group as well as non-promoters. The company must still file a listing application within 20 days of allotment and comply with SEBI ICDR and LODR norms. The approvals are subject to standard conditions, including compliance with all applicable laws and obtaining necessary statutory clearances.
This is a capital-raising move that will lead to equity dilution once the warrants are exercised, reducing existing shareholders' proportional ownership. The allotment to promoter group indicates promoter confidence and likely strengthens their stake, but non-promoter participation could also bring in strategic value. Watch for the final allotment announcement and any post-issue price action.