Receipt of In-Principle Approval in Relation to the Preferential Issue of Warrants Convertible to Equity shares of Continental Petroleums Limited ("Company")
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Continental Petroleums has received in-principle approval from BSE for issuing convertible warrants on a preferential basis. The issue involves 4,97,250 warrants to promoters via share swap and 43,65,250 warrants to promoters and non-promoters for cash, totaling 48,62,500 warrants. Each warrant is convertible into one equity share of Rs. 5 face value at a price of not less than Rs. 110 per share. The approval was granted by BSE on May 27, 2025, and the company now needs to complete the allotment and listing formalities within the prescribed timelines.
If all warrants are converted, the company could raise up to approximately Rs. 53.5 crore and add up to 48,62,500 new equity shares, leading to potential dilution for existing shareholders. The promoter share swap also signals promoter commitment, but the cash portion to non-promoters may dilute retail holding.