UPDATE ON PREFERENTIAL ISSUE: ALLOTMENT OF 250000 EQUITY SHARES UPON CONVERSION OF 250000 WARRANT ISSUED ON PREFERENTIAL BASIS
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Captain Polyplast's board approved the allotment of 2,50,000 equity shares (face value Rs. 2 each) following the conversion of an equal number of warrants to a non-promoter allottee, Harish Yashvant Kariya. The company received the balance 75% amount against each warrant, totalling Rs. 1.35 crore, at a warrant issue price of Rs. 72 per warrant. As a result, the paid-up equity share capital increased from 5,99,28,790 shares (Rs. 11.98 crore) to 6,01,78,790 shares (Rs. 12.04 crore). This completes the warrant exercise process initiated earlier on a preferential basis under SEBI (ICDR) Regulations.
This is a routine completion of a previously announced preferential warrant conversion, resulting in a small dilution (about 0.42%) of existing shareholders. No new capital is being raised beyond what was already committed, so the impact on stock price is likely to be minimal.