Intimation of Allotment of Convertible Warrants and Equity Shares on Preferential basis under the SEBI (ICDR) Regulation, 2018 and Cancellation of issue of Equity shares in respect of which ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 2.6 pts less than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Chandni Machines Ltd's board has allotted 38,10,900 equity shares at Rs. 52.50 per share (including Rs. 42.50 premium) to about 74 allottees on a preferential basis, raising around Rs. 20 crore in cash. Separately, 40,00,000 fully convertible warrants were allotted solely to Managing Director Jayesh R. Mehta at the same Rs. 52.50 price, with 25% (Rs. 5.25 crore) already received and the balance due within 18 months on conversion. The company also cancelled 3,73,100 equity shares because several allottees failed to pay the allotment money by the due date, indicating partial demand weakness. Post-allotment, promoter and promoter group holding rises from 45.72% to 49.61%, while public holding falls from 54.28% to 50.39% on a fully diluted basis.
Existing public shareholders will see significant dilution as the share count jumps from about 32.3 lakh to over 1.10 crore on a fully diluted basis. The promoter stake strengthening and the cancellation of shares for non-payment point to uneven investor commitment, which existing shareholders should weigh carefully.