Dear Sir/ Madam, The Board of Directors at their meeting held on Monday, April 07, 2025 on the recommendations of Audit Committee and Independent Directors Committee, have subject to approval ....
Awaiting price reaction for this filing.
The board of Dugar Housing Developments Limited (proposed new name: Axentra Corp Ltd) met on April 7, 2025 and approved a major fundraising and restructuring plan, subject to shareholder and BSE approval. The company plans to issue 89 lakh equity shares and 27 lakh convertible warrants on a preferential basis to specific investors, including 28.8 lakh shares and 24.3 lakh warrants to Mr. Vinoth Kumar Mohanadas and smaller allotments to Mrs. Suseela Kumarappan and other named investors such as Norocos Opportunities Fund, Altitude Investment Fund, Unico Global Opportunities Fund, and a few individuals. The warrants carry a 25% upfront payment with the balance due on conversion within 18 months. Additionally, the authorized share capital will rise from Rs 10 crore to Rs 14 crore, the FPI/FII/NRI investment cap will be increased to 74%, the company name will be changed, borrowing limits will be raised, and the main objects clause will be altered. An EGM is scheduled for May 8, 2025, and M/s. Shivam Bhatt & Co. has been appointed as secretarial auditor for FY25-26.
This is a significant equity dilution event — up to 1.16 crore new shares/warrants could be issued to specific (non-public) investors, which will dilute existing shareholders. The price is yet to be set under SEBI's pricing formula, so the actual impact on share price depends on the final issue price and conversion of warrants.