Please find enclosed herewith Intimation of conversion of 1,05,00,000 warrants into 1,05,00,000 Equity Shares of face value of Re.1/- each.
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Bhatia Communications & Retail has converted 1.05 crore warrants into an equal number of equity shares of Re. 1 face value at an issue price of Rs. 23.75 per share (including a premium of Rs. 22.75). The company received Rs. 18.70 crore as the balance 75% payment from the warrant holders. Allottees include promoter group members Hema Sanjeev Bhatia (25 lakh shares) and Garima Nikhil Bhatia (25 lakh shares), along with non-promoter investors Forbes EMF (50 lakh shares), Pankajkumar Ahuja (2.5 lakh shares), and Rahul Chawla (2.5 lakh shares). The warrants were originally allotted on September 11, 2024 on a preferential basis at 25% of the issue price, and this is the final tranche of conversion. Post-allotment, the company's paid-up equity capital has increased to Rs. 14.06 crore, comprising 14.06 crore equity shares, with no warrants remaining outstanding.
Existing shareholders will see equity dilution as the share count rises by about 8% (1.05 crore new shares on a base of ~13 crore). The company has already received the funds, strengthening its capital base. Forbes EMF's 50 lakh share allotment is notable and may be viewed positively as a sign of investor confidence.