Preferential issue of 24 lakh shares at Rs 34; promoter stake sale and change of control
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 7.1 pts more than Nifty Microcap 250 and 7.6 pts more than its Consumer Electronics peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board approved a preferential issue of 24,00,000 equity shares at Rs 34 each (face value Rs 10) to Omnia Appliances (20 lakh) and Anadi Investments (4 lakh), raising up to about Rs 8.16 crore. Separately, promoter Mehboob Alam signed an SPA to sell 18,90,000 shares (24.30 percent of capital) at Rs 34 per share for Rs 6.43 crore to Omnia Appliances and three other entities. After the open offer, Omnia and other acquirers will become promoters with joint control. Postal ballot notice was approved.
Change of control likely; current promoter partly exiting. Equity dilution of around 31 percent for existing public holders. Open offer for minority shareholders is a future trigger.