Board at its meeting held on even date approved for Issuance of Equity Shares of the Company to proposed promoter and Non-promoter category on preferential basis subject to approval of members
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CDG Petchem's board approved increasing the authorised share capital from ₹5 crore to ₹10 crore. It will issue up to 61,58,000 equity shares at ₹41 each on a preferential basis to the proposed promoter Jujhar Constructions and Travels (49 lakh shares) and 8 non-promoter investors, raising about ₹25.25 crore. Separately, it will issue up to 7,64,500 convertible warrants (also at ₹41 each) to the proposed promoter and one non-promoter, raising another ₹3.13 crore, with an 18-month conversion tenor. The board also approved acquiring at least 51% of Jujhar Logistic and Travels Limited (JLTL), a car logistics company with FY25 turnover of ₹113.85 crore (up sharply from ₹12.48 crore in FY24), for cash consideration based on a registered valuer's report. The deal is expected to close within 6 months and will make JLTL a subsidiary. Shareholder approval will be sought at an EGM on May 7, 2025.
Existing shareholders will see meaningful equity dilution once the preferential shares and warrants are allotted, while the JLTL acquisition diversifies CDG Petchem into the logistics sector. The stock may react based on how the market views the strategic fit and the issue price relative to prevailing market levels.