Preferential issue to promoter via loan and preference share conversion
BATLIBOI · price
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Board approved preferential issue of up to 13,21,585 shares at Rs 113.50 each to promoter Mr Nirmal Bhogilal by converting his Rs 15 crore unsecured loan into equity. Also approved converting 6,92,480 preference shares into up to 6,10,114 equity shares at Rs 113.50. Issue price is above fair value of Rs 90.31. Appointed Mr Shankaran Rajaram Vignesh as Independent Director for 5 years. Allotted 29,999 shares under ESOP.
Promoter stake rises as loan and preference shares convert to equity at premium to fair value, causing modest equity dilution.