Blue Coast Hotels Limited has informed the Exchange regarding Board meeting held on May 16, 2025.
BLUECOAST · price
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Blue Coast Hotels' board approved the allotment of 25,52,000 equity shares (face value Rs. 10) upon conversion of 2,55,200 0.01% Compulsorily Convertible Preference Shares (CCPS) at a conversion price of Rs. 10 each, on a preferential basis. All these shares were allotted to 11 promoter group entities (such as Solace Investments, Mid-Med Financial Services, Square Investments, etc.), meaning the conversion is essentially a restructuring within the promoter group. Following this, the company's paid-up equity capital has risen to Rs. 17.19 crore, comprising 1,71,92,457 equity shares of Rs. 10 each. The board also re-appointed M/s Ajay K & Associates as Secretarial Auditor for FY 2024-25 and M/s Sidharth K Agarwal & Co. as Internal Auditor for FY 2025-26.
Equity share count rises by roughly 17% due to the CCPS conversion, but since all new shares go to promoter group entities, the overall promoter shareholding percentage stays unchanged. Minor technical dilution for non-promoter shareholders with no change in control.