Allotment of Equity Shares Upon Conversion of Warrants
Price
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Awaiting price reaction for this filing.
Candour Techtex has allotted 8,00,000 equity shares (face value Rs. 10) to M/s. Mangal Keshav Capital Limited, a non-promoter entity, upon their exercise of warrant conversion rights. The warrant holder paid Rs. 62.775 per warrant (75% of the total Rs. 83.70 exercise price), bringing in approximately Rs. 5.02 crore to the company. Each share was allotted at a premium of Rs. 73.70. Following this allotment, the company's total paid-up equity shares have increased from 1,79,56,738 to 1,87,56,738. Of the original 12,00,000 warrants held by this investor, 4,00,000 warrants remain pending conversion.
This is a mildly dilutive event — the share count rose by about 4.5%, which will marginally reduce existing shareholders' proportional ownership. However, the company receives Rs. 5+ crore in fresh cash, and the conversion signals that the investor has confidence to convert at the agreed price.