Conversion of 77,30,000 warrants into 77,30,000 equity shares of face value Re.01/- each by the way of preferential allotment to person/entities pursuant to exercise of their right.
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Luharuka Media & Infra Limited (BSE: 512048) has converted 77,30,000 warrants into equal number of equity shares of Re. 1 face value at an issue price of Rs. 4.31 per share. The company received Rs. 2,49,87,225 as the balance 75% consideration from allottees upon this conversion. The conversion was done on a preferential basis to 8 allottees, including the promoter entity Luharuka Exports Pvt Ltd (40,00,000 shares) and several non-promoter individuals/HUFs. The company's paid-up equity capital rose from Rs. 18,74,40,000 (18.74 crore shares) to Rs. 19,51,70,000 (19.52 crore shares), a dilution of about 4.1%. Separately, the board also approved fresh allotment of 8,66,20,000 convertible warrants at Rs. 4.31 each, aggregating Rs. 37.33 crore, to promoter and non-promoter categories.
Existing shareholders face mild dilution (~4%) from this conversion, though the new shares rank pari-passu with existing equity. The broader warrants programme of Rs. 37.33 crore signals upcoming capital infusion, but eventual conversion within 18 months could lead to further dilution if all warrants are exercised.