Board approves 1.37 crore convertible warrants at Rs 13 each on preferential basis

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AI summary

Board approved issuing up to 1,37,00,000 convertible warrants at Rs 13 each (Rs 5 face value plus Rs 8 premium), totalling Rs 17.81 crore, to promoters and non-promoters on a preferential basis. Promoters and promoter group will get about 1.08 crore warrants, non-promoters about 29 lakh across 7 investors. Warrants have an 18-month tenure and are convertible into equal equity shares. Authorised share capital was raised from Rs 25 crore to Rs 31 crore. Post-issue promoter holding will be 61.64 percent and non-promoter 38.36 percent. EGM is set for November 5, 2026.

Likely market impact

Equity dilution risk on conversion. Promoter majority subscription signals confidence. Subject to shareholder approval at EGM.