ALLOTMENT OF EQUITY SHARES ON CONVERSION OF WARRANTS
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Dev Labtech Venture Ltd (BSE SME, scrip DEVLAB) has allotted 5,60,000 equity shares after converting an equal number of warrants held by its promoters and promoter group. The conversion price was Rs. 62 per share (including Rs. 52 premium), and the company received the balance 75% amount totalling about Rs. 2.60 crore from the allottees. Five promoter/promoter group entities applied for the full conversion, including the CMD's family members and HUF. After this allotment, the company has no warrants outstanding for any further conversion. Promoter/promoter group holding has gone up from 54.55% to 56.69%, while the paid-up equity capital now stands at Rs. 11.86 crore (1,18,63,139 shares of Rs. 10 each).
Public shareholders face a small dilution (their stake drops from 45.45% to 43.31%), while promoter confidence in the company is reinforced since they brought in additional capital. No new shares were issued to outside investors, so the float remains unchanged.