1. ALLOTMENT OF 2,42,42,424 EQUITY SHARES ON PREFERENTIAL ALLOTMENT PURSUANT TO CONVERSION OF UNSECURED LOAN: 2. ALLOTMENT OF 2,10,90,892 EQUITY SHARES ON PREFERENTIAL ALLOTMENT BASIS ....
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Baroda Extrusion Ltd's board approved the allotment of 2,42,42,424 equity shares to promoter Parasmal Kanugo on a preferential basis by converting an unsecured loan into equity. Separately, the board approved allotment of 2,10,90,892 equity shares to 35 non-promoter allottees on a cash basis at Rs. 8.25 per share (including a Rs. 7.25 premium over the Re. 1 face value), raising approximately Rs. 17.4 crore. The board also appointed M/s. Swati Bhatt & Co. as Secretarial Auditors and Ms. Suryasnata Mishra as an Independent Director for a 5-year term, while accepting the resignation of Director Ms. Rina Patel. Both preferential allotments had prior shareholder approval from an EGM held on 2 May 2025 and in-principle approval from BSE.
Shareholders should expect significant equity dilution from over 4.53 crore new shares, which could weigh on the stock price in the short term. However, the promoter's loan conversion reduces the company's debt burden, and the ~Rs. 17.4 crore cash infusion strengthens the balance sheet for working capital or growth needs.