BSE Intimation of Corrigendum relating to Notice of AGM of the Company to be held on 16th August 2025 at 11.00 AM
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ATV Projects India has issued a corrigendum to its August 16, 2025 AGM notice, lowering the issue price of 25 lakh convertible warrants from Rs. 41.50 to Rs. 40.80 per warrant, based on feedback from BSE. The warrants will be allotted to promoter group entity Mahalaxmi Import Export Pvt Ltd, raising up to Rs. 10.20 crore on a preferential basis. Proceeds are earmarked as Rs. 2.60 crore for capital expenditure, Rs. 2.50 crore for working capital, and Rs. 5.10 crore for general corporate purposes, to be utilised within 24 months. The promoter group's stake will rise from 26.95% to 30.23% on full conversion, while public shareholding will drop to 69.77%. Warrants carry a 25% upfront payment with the balance 75% due within 18 months on conversion to equity.
The price cut slightly reduces dilution for existing shareholders compared to the original plan, while the promoter's Rs. 10.20 crore commitment signals confidence in the business. However, it also concentrates promoter ownership further and could put mild short-term pressure on the stock due to the upcoming equity dilution from warrant conversion.