Board of Director at their meeting held today i.e. March 20, 2026 approved the allotment of 12,07,000 equity shares and 19,90,000 Convertible warrants.
Awaiting price reaction for this filing.
The board of Photon Capital Advisors approved a preferential allotment of 12,07,000 equity shares at Rs. 115 per share (face value Rs. 10), raising Rs. 13.88 crore in full. It also approved 19,90,000 convertible warrants at Rs. 115 each, with 25% upfront money received (Rs. 5.72 crore), and the balance due on conversion within 18 months. Warrants can be converted into equity any time after June 30, 2026. The shares and warrants have been allotted to 9 allottees, with Sreeram Reddy Vanga (to be classified as promoter post open offer) receiving the largest chunk of 4,85,000 shares and 9,90,000 warrants, taking his potential holding to about 31.3% on a fully diluted basis.
The issuance will dilute existing shareholders and significantly increase the promoter's stake, with potential further dilution if warrants are converted. The combined equity plus warrant issue could raise up to about Rs. 36.76 crore, strengthening the company's capital base but expanding the share count.