Blue Coast Hotels Limited has informed the Exchange regarding allotment of 2552000 securities pursuant to Preferential Issue at its meeting held on May 16, 2025
BLUECOAST · price
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Blue Coast Hotels' Board, at its meeting on May 16, 2025, approved the allotment of 25,52,000 equity shares (face value Rs. 10 each) pursuant to the conversion of 2,55,200 0.01% Compulsorily Convertible Preference Shares (CCPS) at a conversion price of Rs. 10 per share. All 11 allottees belong to the Promoter and Promoter Group category, with each receiving 2,32,000 equity shares. As a result, the company's paid-up equity share capital has risen to Rs. 17.19 crore, comprising 1,71,92,457 equity shares. The Board also re-appointed the Secretarial Auditor for FY 2024-25 and the Internal Auditor for FY 2025-26.
This is a pre-planned conversion of promoter-held CCPS into equity, so there is no fresh capital infusion or change in promoter control. Shareholders may see mild dilution due to the increase in share count, but the conversion was at face value with a negligible 0.01% coupon, keeping the impact on the stock minimal.