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Awaiting price reaction for this filing.
Concord Control Systems Ltd has allotted 2,38,500 equity shares on a preferential basis at Rs. 2,100 per share (including a Rs. 2,090 premium), raising about Rs. 50.09 crore from three non-promoter investors: Sageone-Flagship Growth OE Fund, Sanshi Fund-1, and Mr. Ashish Rameshchandra Kacholia. Separately, the company allotted 24,662 equity shares at Rs. 2,100 each (worth Rs. 5.18 crore) to Krishan Kumar Agarwal on a non-cash basis as purchase consideration for acquiring 17,691 shares of Progota India Private Limited. After these allotments, the company's paid-up equity capital has risen from Rs. 10.12 crore to Rs. 10.38 crore, with the total share count going up from 1,01,20,242 to 1,03,83,404 shares. The new shares will rank equally with existing equity shares.
This is a dilution event for existing shareholders, though the funds are being raised at a steep premium to face value (Rs. 2,100 vs Rs. 10), which is a positive signal about investor confidence. The non-cash allotment also indicates an acquisition of a stake in Progota India Private Limited, expanding the group's holdings.