Board approves preferential issue of 48.7 lakh equity shares
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On the reaction day the stock moved 0.8 pts more than Nifty Microcap 250 and 1.3 pts more than its Garments & Apparels peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Celebrity Fashions board approved issuing 48,69,932 equity shares via preferential route at ₹10.31 per share, a premium of ₹0.31 over face value, raising about ₹5.02 crore. Allottees include 3 promoters (Chairman Venkatesh Rajagopal, MD Vidyuth Rajagopal, Whole Time Director Rama Rajagopal), 1 independent director, and 1 body corporate. The company also plans to reclassify authorized capital by converting some 1 percent preference shares into equity shares. Shareholder approval is pending via postal ballot.
About 21 percent dilution for existing shareholders. Promoters are increasing stake, showing confidence, though the premium over face value is small.