Outcome of Board Meeting for withdraw of Preferential issue, Reduction of Issue Size of Convertible Warrants and approval of Revised Issue Size.
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The board of Bizotic Commercial Ltd has decided to withdraw its earlier plan (from September 2025) to issue 7,68,000 equity shares at Rs. 290 each (about Rs. 22.27 crore) to non-promoter entities. Alongside this, the board revised down the size of its convertible warrants issue to 16,02,000 warrants (from the original combined size). The revised plan is to raise up to Rs. 46.45 crore by issuing these warrants at Rs. 290 each to the promoter and promoter group only. Allottees include promoter Sangita Annmol Aggarwala and four promoter-group companies — Bizotic Dynamics, Bizotic India, Bizotic Industries, and Bizotic Nexus. The revision was done to comply with minimum public shareholding rules (Regulation 38) and takeover regulations (Regulation 3).
The promoter group's stake will increase from 69.97% to 74.96% post-issue, slightly reducing public shareholding further. Existing minority shareholders may view this negatively as it signals capital raising from within the promoter group rather than external investors, though it avoids potential non-compliance with public shareholding norms.