Outcome of the Board Meeting for allotment of 8,66,20,000 convertible share warrants ("warrants") at issue price of Rs. 4.31/- per warrant to person belonging to Promoter & Non-promoter ....
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Luharuka Media & Infra Limited's board, at its meeting on April 02, 2025, approved the allotment of 8,66,20,000 (8.66 crore) convertible share warrants at Rs. 4.31 per warrant on a preferential basis, totalling about Rs. 37.33 crore. These were issued to one promoter group entity (Luharuka Exports Pvt Ltd – 4.4 crore warrants) and 29 non-promoter allottees. The company has already received the 25% upfront amount of Rs. 9.33 crore; the remaining 75% is payable within 18 months upon conversion into equity shares of Re. 1 face value. Separately, 77,30,000 previously held warrants were converted into 77,30,000 equity shares after the allottees paid the balance 75%, raising the company's paid-up equity capital from Rs. 18.74 crore to Rs. 19.51 crore.
This is a significant dilution event — 8.66 crore new warrants (plus 77.3 lakh shares already issued) will materially expand the share count and could pressure the stock price if warrants are eventually converted. On the positive side, it raises around Rs. 37 crore of fresh capital for the company, though the small issue price (Rs. 4.31) suggests equity dilution rather than value accretion for existing shareholders.