Preferential Allotment of 43,15,250 convertible warrants at Rs 110/-
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Continental Petroleums' Board has approved the allotment of 43,15,250 fully convertible warrants at Rs 110 each (Rs 5 face value + Rs 105 premium) to 38 allottees. Promoters and Promoter Group received 13,62,500 warrants — 8,65,250 for cash (Rs 9.52 crore) and 4,97,250 via a non-cash share swap. Non-promoters were allotted 34,50,000 warrants for Rs 37.95 crore in cash. The company has already received Rs 11.87 crore as 25% upfront subscription money, with the remaining 75% payable within 18 months on conversion into equity shares. Each warrant converts into one equity share of Rs 5 face value. The allotment follows shareholder approval obtained on January 15, 2025, and complies with SEBI ICDR Regulations.
Existing shareholders may face equity dilution when these warrants are converted into shares over the next 18 months. The promoter group is reinforcing its stake through both cash infusion and a share swap, signalling confidence. The company stands to raise up to ~Rs 47.5 crore in fresh capital, which could strengthen its balance sheet.