Avonmore Capital & Management Services Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 09, 2025
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Avonmore Capital has called an Extraordinary General Meeting on September 9, 2025 (via video conferencing) to seek shareholder approval for issuing up to 3.77 crore fully convertible warrants at Rs. 19.85 each, aggregating to about Rs. 74.83 crore. Each warrant of Rs. 1 face value carries a premium of Rs. 18.85 and is convertible into one equity share within 18 months of allotment. All warrants are proposed to be allotted exclusively to promoter and promoter group entities: Navjeet Singh Sobti (25 lakh warrants), Gurpreet Sobti (25 lakh warrants), Innovative Money Matters Pvt. Ltd. (2.82 crore warrants), and Rakam Infrastructures Pvt. Ltd. (45 lakh warrants). Allottees must pay 25% upfront (about Rs. 18.71 crore) and the remaining 75% (about Rs. 56.13 crore) at the time of conversion. The relevant date for pricing is August 8, 2025. Voting will be via remote e-voting with the cut-off date being September 2, 2025.
This is a preferential issue to the promoter group, which signals promoter confidence and intent to strengthen their holding, but will result in dilution of existing public shareholders once warrants are converted into equity shares over the next 18 months. Shareholders should evaluate the pricing benchmark and monitor how the additional capital is planned to be used by the company.