Outcome of the Board Meeting held on Monday, April 07, 2025.
Price
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Awaiting price reaction for this filing.
The Board of CWD Limited approved the allotment of 4,82,043 equity shares and 4,76,868 convertible warrants to select investors on a preferential basis at Rs. 907 per share/warrant (face value Rs. 10 plus premium of Rs. 897). The equity share tranche is worth about Rs. 43.72 crore, for which full subscription money has been received. For the warrants, only 25% upfront money (about Rs. 10.81 crore) has been collected, with the remaining 75% payable within 18 months upon conversion. Allottees include 49 investors for the equity shares and 41 for the warrants, mostly HNIs, family-owned firms, and small investment entities. Another Board meeting is scheduled for April 9, 2025 to clear remaining pending allotments.
This is a preferential fundraise that will dilute existing shareholders, with the full dilution dependent on whether warrant holders exercise their conversion option within 18 months. The market price reaction will hinge on the issue price relative to the prevailing stock price and the perceived quality of incoming allottees.