Pursuant to Regulation 29 and 30 of SEBI (Listing obligation and disclosure requirements) Regulations, 2015, we would like to inform you that the Board of Directors in their meeting held ....
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Continental Petroleums' Board approved the allotment of 10,02,440 equity shares (face value Rs. 5 each) at a premium of Rs. 105 per share, following the conversion of an equal number of warrants on a preferential basis. This is part of the 48,12,500 convertible warrants originally issued on June 9, 2025, at Rs. 110 per warrant. Out of the remaining 15 allottees, 13 (including 2 from the promoter group) paid the balance 75% consideration of Rs. 8.27 crore to exercise their conversion rights. The company's paid-up capital rose from Rs. 4.23 crore to Rs. 4.74 crore, with promoter holding dipping slightly from 28.47% to 27.00% and non-promoter holding increasing from 71.53% to 73.00%.
The conversion increases the equity base by about 12% and shifts ownership marginally towards non-promoters. Shareholders may see mild dilution, but the company has already received the full subscription money (Rs. 110 per share) so there is no cash flow impact. The stock could see technical pressure from the new shares coming into circulation.