Board at its meting held on even date has approved for Issuance of warrants convertible into Equity Shares of the Company to proposed promoter and non-promoter category on preferential ....
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CDG Petchem's board approved raising its authorised share capital from ₹5 Cr to ₹10 Cr and issuing up to 61.58 lakh equity shares on a preferential basis at ₹41 per share, raising about ₹25.25 Cr from 10 investors. It also approved issuing up to 7.645 lakh warrants convertible into equity shares at ₹41 each (around ₹3.13 Cr), with an 18-month conversion window. The largest allottee is Jujhar Constructions and Travels Pvt Ltd, which is set to become the proposed promoter of the company. Separately, the board approved acquiring at least 51% of Jujhar Logistic and Travels Ltd (a car-logistics firm with FY25 turnover of ₹113.85 Cr) for cash, to make it a subsidiary. An EGM is scheduled for May 7, 2025 to seek shareholder approval.
Existing shareholders face notable equity dilution from the preferential share and warrant issuances, and the company is pivoting from pure petchem into the transport/logistics business via a controlling acquisition. The entry of Jujhar Constructions as the proposed promoter also signals a likely change in control of the company.