Receipt of In-Principle approval for the issue of 66,72,722 equity shares to Promoter and Non- promoters on a preferential basis.
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Coromandel Engineering Company Ltd has received in-principle approval from BSE to issue 66,72,722 fully paid-up equity shares on a preferential basis to promoters and non-promoters. The shares have a face value of ₹10 each and will be issued at a price of ₹40.05 per share, which is roughly 4 times the face value, representing a strong premium. The total funds to be raised from this preferential allotment work out to approximately ₹26.7 crores. This approval is a regulatory green light from the stock exchange and is one of the steps required before the company can actually allot the shares and apply for their listing. The company must still complete the allotment and file a separate listing application with BSE within 20 days of allotment.
Existing shareholders will face dilution of their stake once the new shares are allotted. Since promoters are also participating in the issue, it may signal insider confidence, though the issue price of ₹40.05 should be compared with the prevailing market price to judge how attractive or dilutive the deal is for current retail holders.