The Board of Directors at its meeting held today i.e. 6th September, 2025, has, inter alia approved the following: 1. Raising of funds through issuance of up to 4700000 warrants convertible ....
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The Board of Citichem India, at its meeting on 6th September 2025, approved raising funds by issuing up to 47,00,000 convertible warrants at Rs. 28 per warrant, aggregating to Rs. 13.16 crore. Each warrant (face value Rs. 10) will be convertible into one equity share within 18 months of allotment. The warrants are proposed to be allotted on a preferential basis to four members of the promoter family (Arif Esmail Merchant, Hashim Arif Merchant, Fozia Arif Merchant, Saima Hashim Merchant) and one non-promoter (Padmakar Jagannath Murodiya). The Board also approved increasing the Authorised Share Capital from Rs. 7.5 crore to Rs. 12.5 crore to accommodate the issue. The 33rd AGM is scheduled for 30th September 2025, where shareholder approval will be sought.
The issue is mildly dilutive but equity dilution will only kick in if and when warrants are converted within 18 months. Heavy promoter participation signals insider confidence, though investors should watch the issue price versus market price at the relevant date (29th August 2025) to assess valuation terms.