Allotment of Equity Shares pursuant to conversion of warrants
Price
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Azad India Mobility Ltd's board approved the allotment of 51,45,000 equity shares (face value Rs. 10 each) at Rs. 16 per share, following the conversion of warrants held by three allottees. The shares were issued to Bupinder Singh Chadha (12,70,000 shares), Charnjit Singh Chadha (28,00,000 shares), and Rashmi Nimesh Joshi (10,75,000 shares) on a preferential basis. As a result, the company's paid-up equity capital increased from about Rs. 49.30 crore to Rs. 54.44 crore. The newly issued shares will rank equally with existing equity shares in all respects.
This is a dilution event — existing shareholders will see their stake reduced by roughly 10.4% because new shares are being issued upon warrant conversion. The conversion price of Rs. 16 vs. face value of Rs. 10 means the company has already received the exercise money from warrant holders, so there is no fresh cash inflow; the impact is purely on share count and ownership structure.