Intimation of allotment of Equity Shares upon conversion of Warrants on preferential basis to Promoter and Non-Promoter Group.
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Continental Petroleums has allotted 29,07,250 equity shares (face value Rs. 5 each) on conversion of warrants at Rs. 110 per share (Rs. 5 face value + Rs. 105 premium). This follows the earlier allotment on June 9, 2025, of 48,12,500 convertible warrants to 38 allottees at the same Rs. 110 price. Now, 23 of those allottees — 20 from the non-promoter group and 3 from the promoter/promoter group — have converted 29,07,250 warrants into equity shares. The non-promoter allottees paid Rs. 20.08 crore as the balance 75% subscription, while the 3 promoter allottees (Madan Lal Khandelwal, Navneet Khandelwal, Radhika Khandelwal) converted 4,97,250 warrants via a share swap tied to a share purchase agreement dated December 18, 2024, involving 8,041 shares of a target company. As a result, the company's paid-up share capital rose from 55,60,624 shares to 84,67,874 shares (about 52% increase). Promoter holding came down from 34.41% to 28.47%, while non-promoter holding rose from 65.50% to 71.53%.
This is a meaningful dilution event for existing shareholders, with the share count rising by over 52%. However, the company receives about Rs. 20 crore in fresh capital from non-promoter allottees, which could strengthen its balance sheet. The promoter stake dilution reflects only the share-swap component, not fresh cash dilution of promoter control beyond arithmetic effect.