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Awaiting price reaction for this filing.
The Board approved the allotment of 12,41,666 fully paid-up equity shares at Rs. 120 per share (face value Rs. 10, premium Rs. 110), raising approximately Rs. 14.90 crores from 29 non-promoter investors. Additionally, the Board approved the allotment of 16,50,000 convertible warrants at Rs. 120 each, with 25% upfront subscription collected, bringing in another Rs. 4.95 crores (total upfront ~Rs. 19.85 crores). The warrants are convertible into equal equity shares within 18 months, with pricing subject to SEBI ICDR pricing formula. The warrants have been allotted to 21 investors, including 2 from the promoter group (Jacob Tharakan and Ashny Binu). Both allotments were made under a special resolution passed on November 26, 2025, with BSE in-principle approval already received.
This preferential allotment will dilute existing shareholders by roughly 16-17% on a fully diluted basis. The company is raising fresh capital to fund growth, but at a fixed price of Rs. 120 per share, which sets a near-term reference value for the stock. Shareholders should note the promoter group is also subscribing to warrants, signaling some insider confidence, but retail investors should track conversion of the warrants over the next 18 months for further dilution risk.