The Board at its meeting held today i.e. 6 September 2025 has inter alia approved issuance of 4700000 warrants convertible into 4700000 equity shares of face value INR 10 each at a price ....
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The Board of Citichem India Ltd approved issuing 47,00,000 convertible warrants at Rs. 28 per warrant, each convertible into one equity share of Rs. 10 face value, on a preferential basis. The total fund raise is about Rs. 13.16 crore. The warrants are to be allotted to promoter group members (Arif Esmail Merchant, Hashim Arif Merchant, Fozia Arif Merchant, Saima Arif Merchant) and Padmakar Jagannath Murodiya. Each warrant can be converted into an equity share within 18 months from allotment. The Board also approved increasing authorised share capital from Rs. 75 lakh to Rs. 1.25 crore and fixed the 33rd AGM for 30th September 2025. The issue is subject to shareholder approval at the AGM.
This is a small preferential fund raise (about Rs. 13.16 crore) largely from promoter family members, which signals promoter confidence and continued capital infusion. There will be moderate dilution (47 lakh new shares potentially) once warrants are converted over the next 18 months. Shareholders should watch for the issue price relative to market price to assess dilution impact.