UPDATE ON PREFERENTIAL ISSUE
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Captain Polyplast Limited has allotted 21,30,000 equity shares (face value Rs. 2 each) upon conversion of an equal number of warrants on a preferential basis. The warrants were exercised at Rs. 72 per warrant, bringing in a total of Rs. 11.50 crore from the allottees, who had paid the remaining 75% balance amount. Allottees include promoter-group companies such as Captain Technocast Ltd (5 lakh shares), Captain Pipes Ltd (10 lakh shares), and Captain Plastics Pvt Ltd (4 lakh shares), along with non-promoter individuals. As a result, the company's paid-up equity capital has increased from 5,75,48,790 shares to 5,96,78,790 shares.
The conversion increases the promoter and select non-promoter holdings, expanding the equity base by about 3.7%. This is not a fresh fundraising but the conclusion of a previously announced preferential warrant issue, so it may lead to mild dilution for existing public shareholders without adding new capital beyond what was already committed.