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The board of Dhruva Capital Services approved a preferential allotment of 31,65,000 equity shares at Rs.55 each (face value Rs.10, premium Rs.45), aggregating Rs. 17.41 crores. Of this, promoter Shreeram Bagla was allotted 11,00,000 shares worth Rs. 6.05 crores, and 20,65,000 shares worth Rs. 11.36 crores were allotted to 35 public-category allottees. Additionally, 8,00,000 warrants were issued to the promoter at an exercise price of Rs.55 per share, with 25% (Rs. 1.10 crore) already received and the balance 75% payable upon exercise within 18 months. The pricing was based on a registered valuer's report dated February 10, 2025, and the allotment follows special resolutions passed by shareholders on March 10, 2025.
This is a significant dilution event for existing shareholders, expanding the equity base with a total potential inflow of up to Rs. 21.81 crores (if warrants are fully exercised). The promoter's stake increases meaningfully, signalling insider confidence, though retail investors should note the share count expansion and the 18-month timeline for warrant conversion.