Corrigendum to the notice of the Extra Ordinary General Meeting
Awaiting price reaction for this filing.
Omega Interactive Technologies has issued a corrigendum to its EGM notice (EGM scheduled for September 1, 2025) to add a previously missing disclosure table on the post-issue shareholding percentage of proposed allottees for a preferential issue. The company is seeking shareholder approval to issue and allot up to 92 lakh (92,00,000) fully convertible equity warrants at Rs. 103.50 per warrant, including a premium of Rs. 93.50, aggregating up to Rs. 95.22 crore. The warrants carry a face value of Re. 10 each, are convertible into equal number of equity shares within 18 months, and require 25% upfront payment with the balance on conversion. The floor price of Rs. 103.49 was determined based on the 90-day VWAP on BSE and a registered valuer's report. Proceeds are proposed to be used for film production expenses, purchase of land for a movie studio, working capital, and general corporate purposes. The warrants are being allotted to 20 non-promoter allottees (mostly resident individuals plus two body corporates), and post-issue promoter holding will drop sharply from 13.73% to 2.72% assuming full conversion.
If approved and fully converted, the preferential issue will dilute existing shareholders significantly, with promoter stake falling from 13.73% to just 2.72%, though there is no change in control. The fundraising signals an expansion push into film production and a movie studio venture, which may be viewed as a positive strategic move but also raises execution risk for a small-cap company.