Please find enclosed herewith intimation of conversion of 50,00,000 warrants into 50,00,000 equity shares of face value of Re. 1/- each.
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Bhatia Communications has converted 50 lakh warrants into 50 lakh equity shares of Re. 1 face value at an issue price of Rs. 23.75 per share (including Rs. 22.75 premium). The sole allottee is Ebisu Global Opportunities Fund Limited, a non-promoter public-category investor, which paid the balance 75% amount of Rs. 17.81 per warrant, bringing in approximately Rs. 8.91 crore to the company. Ebisu now holds 3.84% of the company's total equity. Following this allotment, the company's paid-up capital has increased to Rs. 13.02 crore, comprising 13.02 crore equity shares. Additionally, 1.05 crore warrants remain outstanding and may be converted into equity shares within the next 18 months, which could lead to further dilution.
Existing shareholders face mild dilution as Ebisu Global Opportunities Fund enters the shareholder base with a 3.84% stake. However, the company receives Rs. 8.91 crore in fresh capital. Shareholders should note that an additional 1.05 crore warrants are still pending conversion, which could result in further equity dilution in the coming months.