The Board of Directors at its meeting held today i.e. 6 September 2025 has inter alia approved raising of funds through issuance of upto 4700000 warrants convertible into 4700000 equity ....
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Citichem India's board, at its meeting on 6 September 2025, approved raising funds by issuing up to 47,00,000 convertible warrants at ₹28 per warrant, convertible into 47,00,000 equity shares of ₹10 face value, on a preferential basis. The total issue size aggregates to ₹13.16 crore, to be allotted to the promoter group (Arif Esmail Merchant, Hashim Arif Merchant, Fozia Arif Merchant, Saima Hashim Merchant) and Padmakar Jagannath Murodiya. Warrants can be converted into equity within 18 months of allotment, subject to shareholder and regulatory approvals. The board also approved increasing authorised share capital from ₹7.5 crore to ₹12.5 crore. The 33rd AGM has been scheduled for 30 September 2025.
Existing shareholders may face equity dilution once warrants are converted, but promoter participation signals confidence in the company. The fund raise will bolster the company's capital base, though it depends on shareholder approval at the upcoming AGM.