Outcome of the Board Meeting under regulation 30 of SEBI (LODR) Regulations, 2015 for the following matters: 1. Issue of Equity Shares on preferential basis 2. Issue of warrants on preferential ....
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On the reaction day the stock moved 4.6 pts less than Nifty Microcap 250 and 4.8 pts less than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Cargotrans Maritime's board approved a preferential issue of up to 15,46,500 equity shares (face value Rs. 10) to public category investors and up to 16,50,000 warrants convertible into equity shares to promoter group and public category investors. Issue price will be at or above the SEBI ICDR minimum price, to be determined later. The warrants can be converted into equal equity shares anytime within 18 months of allotment. The board also approved increasing the authorized share capital from Rs. 5 crore to Rs. 8 crore. All proposals are subject to shareholder approval at an upcoming EGM.
Existing shareholders will face significant dilution — the promoter group's stake drops from 67.95% to 44.20% while public holding rises from 32.05% to 55.80% on a fully diluted basis, which could pressure the share price in the near term depending on pricing and demand.