Bannari Amman Spinning Mills Limited has informed the Exchange regarding Notice of Postal Ballot
BASML · price
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Awaiting price reaction for this filing.
Bannari Amman Spinning Mills is seeking shareholder approval via postal ballot (e-voting from July 2 to July 31, 2025) to issue up to 41,66,660 convertible warrants to its promoter group entity, Murugan Enterprise Private Limited, at Rs. 36 per warrant (including Rs. 31 premium), aggregating to about Rs. 15 crore. Each warrant can be converted into one equity share of Rs. 5 face value within 18 months, with 25% payable upfront and the rest on conversion. The funds are intended for working capital (Rs. 12 crore) and general corporate purposes (Rs. 3 crore). If fully converted, promoter shareholding will rise from 50.90% to 53.21%, and total equity will expand by roughly 4.95% (from about 8.41 crore shares to 8.83 crore shares).
Minor dilution risk for public shareholders (around 4.95% on full conversion), while promoter control strengthens further. The Rs. 15 crore raise is small relative to the company's size and is aimed at routine working capital, so short-term price impact is likely limited; outcome hinges on shareholder vote on or before August 2, 2025.