Board of Directors of the Company in their meeting held today i.e.Thursday, May 01, 2025, at the registered office of the company,inter-alia, considered and approved the following businesses: ....
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The board approved raising up to Rs. 26.875 Cr via a preferential issue comprising two parts: (1) up to 57.5 lakh fully convertible warrants at Rs. 25 each, aggregating Rs. 14.375 Cr, allotted mainly to promoter group members (Parry Kukreja, Nikhil Kukreja, Noor Kukreja for 52 lakh warrants) and a few public allottees; and (2) up to 50 lakh equity shares at Rs. 25 each, aggregating Rs. 12.5 Cr, allotted to two Foreign Portfolio Investors (North Star Opportunities Fund and Eminence Global Fund). The issue price of Rs. 25 includes a Rs. 15 premium over the Rs. 10 face value and is higher than the SEBI floor price. Authorized share capital will be raised from Rs. 21 Cr to Rs. 35 Cr to accommodate the new shares, and shareholder approval will be sought via postal ballot with e-voting from May 3 to June 1, 2025. Post-issue on a fully diluted basis, promoter holding will slightly dilute from 50.94% to 50.06%, while public holding will rise from 49.06% to 49.94%.
This is a dilutive fundraise that will marginally reduce promoter shareholding and increase the public float, with new money coming from both promoters and FPIs. Since the issue is priced above the SEBI floor price, it signals confidence in the company's valuation. Post-issue, the paid-up capital will cross Rs. 25 Cr, which means the company will need to comply with stricter Main Board listing norms going forward.