Revised Outcome of Board Meeting held on June 9, 2025 under Regulation 30 of SEBI (LODR) Regulations, 2015 - Allotment of Convertible Warrants
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On June 9, 2025, the Board of Directors of Continental Petroleums Ltd approved the allotment of 48,12,500 fully convertible warrants on a preferential basis at an issue price of ₹110 per warrant (comprising ₹5 face value and ₹105 premium). The allotment is split between 8,65,250 warrants to the Promoter/Promoter Group and 34,50,000 warrants to Non-Promoters, involving 38 investors in total. The company has already received 25% of the subscription money amounting to ₹11,86,69,375, with the balance 75% payable within 18 months upon exercise/conversion into equity shares. This is a revised filing, indicating an update to the original board meeting outcome disclosed earlier.
The preferential allotment of convertible warrants sets the stage for potential equity dilution once investors choose to exercise their warrants within the 18-month window. The 25% upfront payment received signals initial investor commitment, but share price may remain sensitive to the timing and quantum of future conversions by promoters and public investors.