Intimation of Allotment of Convertible Warrants and Equity shares on Preferential basis under SEBI (ICDR) Regulation 2018 and Cancellation of issue of Equity shares and Warrants in respect ....
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On the reaction day the stock moved 1.8 pts less than Nifty Microcap 250 and 1.3 pts less than its Plastic Products - Industrial peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Candour Techtex has allotted 52,54,700 equity shares at Rs. 125 each (face value Rs. 10 + premium of Rs. 115) to around 150 investors on a preferential basis, bringing in about Rs. 65.68 crore. It has also allotted 79,72,600 fully convertible warrants at Rs. 125 each, of which 25% (Rs. 31.25 per warrant, totaling about Rs. 24.91 crore) has been received upfront, with the balance payable within 18 months upon conversion. The largest allottee is Managing Director Jayesh R. Mehta, who received 55.20 lakh warrants. After the allotment and full warrant conversion, promoter holding will rise from 32.89% to 36.10%, while public holding will fall from 67.21% to 63.90%. Separately, the Board cancelled 15,31,700 equity shares and 10,99,400 warrants allotted to applicants who failed to pay the required amount on time, and also partially cancelled some allotments where only partial funds were received.
The preferential issue will dilute existing shareholders' stake but brings in fresh capital (over Rs. 90 crore potential if warrants are fully converted), with promoter contribution strengthening their control. The cancellation of non-funded allotments reduces the total dilution and shows disciplined execution. Existing shareholders should watch for any post-issue use of funds announcement.