Please find the enclosed communication Pertaining to allotment of 5,91,54,920 Equity Shares of Rs.1/- each on preferential basis approved by boards of directors of the company at thier ....
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Dhenu Buildcon Infra has allotted 5,91,54,92,940 equity shares of ₹1 face value at ₹1.42 per share (a premium of 42 paise) on a preferential basis to six non-promoter entities. The total transaction value is ₹839.99 crore (~₹840 crore), and the purpose is the conversion of outstanding unsecured loans into equity shares. Pre-issue, all six allottees held Nil shares; post-issue, Twinkle Mercantiles & Credits Pvt Ltd becomes the largest shareholder at 21.96%, followed by Golkonda Aluminium, Shanta Agencies, and Tiaan Consumer at 18.99% each. The shares were allotted in dematerialized form and will rank pari-passu with existing equity shares.
This is a massive debt-to-equity swap that wipes out roughly ₹840 crore of unsecured debt from the company's books but causes extreme equity dilution, as ~591.55 crore new shares are being issued. Existing shareholders will see their stake significantly reduced, EPS will likely be sharply diluted, and the share price may come under downward pressure in the near term; however, the balance sheet improves with lower debt and interest obligations.