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At its 33rd AGM held on September 30, 2025, Citichem India's shareholders approved raising the authorised share capital from Rs. 7.5 crore to Rs. 12.5 crore. The company will issue up to 47 lakh convertible warrants at Rs. 28 per warrant, each convertible into one equity share of Rs. 10 face value, potentially raising about Rs. 13.16 crore on a preferential basis. Allottees include promoter group members (Arif Esmail Merchant, Hashim Arif Merchant, Fozia Arif Merchant, Saima Hashim Merchant) and one non-promoter (Padmakar Jagannath Murodiya). The issue will follow SEBI's ICDR Regulations, with further details on conversion to be shared later.
This is a dilutive capital raise aimed at promoters and select investors, which will reduce existing shareholders' stake once warrants are converted into equity. The issue price (Rs. 28) is meaningfully above face value (Rs. 10), and promoter participation signals insider confidence in the company's prospects.