Board approves revised allottees list for 1.2 crore share preferential issue

Shree Rajeshwaranand Paper Mills board approved a revised list of allottees for issuing 1.2 crore equity shares at Rs 10 face value, totalling Rs 12 crore, on a preferential basis per NCLT order. The new shares represent about 94.81 percent of post-allotment capital, causing massive dilution for existing holders. Allottees are mostly promoter and promoter group members, led by Pratik Kakadia (55.27 percent) and Ramjibhai Kakadiya (31.18 percent). The company will seek BSE in-principle listing approval.