Allotment of 1649840 Equity shares issued under Preferential Basis through Circular resolution dated 8th May 2025
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Coromandel Engineering Company has allotted 16,49,840 equity shares (face value Rs. 10) at Rs. 40.05 per share, including a premium of Rs. 30.05, raising a total of about Rs. 6.61 crore from promoter and non-promoter allottees on a preferential basis. This is a partial tranche of a larger approved preferential issue of up to 66,72,722 shares approved by shareholders via postal ballot dated March 27, 2025. Post-allotment, the company's paid-up equity capital has risen to Rs. 34.88 crore, comprising 3,48,83,438 shares. A promoter, Mr. Sundeep Anand Jegath Rakshagan, received 3,49,840 shares, while the rest went to 23 non-promoter individuals and entities, none of whom were existing shareholders.
This equity infusion strengthens the company's capital base by around Rs. 6.6 crore but also causes mild promoter dilution (from 25.30% to 25.11%). For existing shareholders, the preferential issue at a fixed price of Rs. 40.05 may act as a short-term reference point for the stock, though the small size of the tranche limits broader market impact.