Allotment of 18,00,000 Fully paid-up Equity Shares pursuant to conversion of 18,00,000 convertible warrants (Out of 70,00,000 Convertible warrants)
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Darjeeling Ropeway Company has allotted 18,00,000 fully paid-up equity shares on conversion of an equal number of convertible warrants (out of 70,00,000 warrants issued earlier). The shares have a face value of Rs. 10 and were allotted at Rs. 16.80 per share, including a premium of Rs. 6.80. The company received Rs. 2.268 crore as the balance 75% exercise price from three non-promoter allottees: Mr. Ashok Dilipkumar Jain, Ms. Viha Ashok Jain, and Ms. Sonali Abhaykumar Parmar (6,00,000 shares each). Post-allotment, the paid-up equity capital rises from Rs. 3.05 crore (30,50,000 shares) to Rs. 4.85 crore (48,50,000 shares). The allotment was on a preferential basis under SEBI ICDR regulations, and the new shares will rank pari-passu with existing equity.
This is a meaningful equity dilution event — the share count has expanded by roughly 59%, with each allottee ending up holding about 12.37% of the expanded capital. Existing shareholders will see proportionate EPS dilution, though the company has raised fresh capital of about Rs. 2.27 crore (plus earlier 25% tranche of Rs. 1.285 crore) without taking on debt.