Outcome of Board Meeting for conversion of warrants
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Chartered Logistics' board approved the conversion of 35,00,000 convertible warrants into an equal number of equity shares of Rs. 1 each, allotted to four allottees (V M Patadia HUF, Niranjan Pragji Thakkar, Agrawal Archit Ramratan, and Agrawal Raghav B). The allottees paid the remaining 75% of the warrant exercise price at Rs. 5.85 per warrant, aggregating to Rs. 2.04 crore in fresh capital. As a result, the company's paid-up equity share capital increased from Rs. 12.36 crore to Rs. 12.71 crore. The new shares will rank pari passu with existing equity, including dividend rights.
This is a routine completion of a previously announced preferential warrant issue, bringing in modest additional capital (~Rs. 2.05 crore) and a small (~2.8%) increase in share count, which may cause mild dilution for existing shareholders.