Dilip Buildcon Limited has informed the Exchange about Conversion
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On the reaction day the stock moved 1.5 pts more than Nifty Microcap 250 and 1.9 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dilip Buildcon has allotted 1,53,90,510 equity shares (face value Rs. 10) on conversion of warrants issued in December 2023. The issue price was Rs. 328.05 per share (including Rs. 318.05 premium), and the company received the balance 75% subscription amount of Rs. 246.03 per warrant, aggregating to about Rs. 378.65 crores. Allottees include Alpha Alternatives Financial Services, Helium Services LLP, and Quanterra Stratergies LLP. The paid-up share capital increased from Rs. 146.21 crores to Rs. 161.60 crores (a rise of about 10.5% in share count). Out of the original 1,62,29,862 warrants, 8,39,352 warrants remain unconverted.
This is a dilutive event — the share count has grown by roughly 10.5%, which may weigh on the stock in the short term due to dilution. However, the company has raised around Rs. 378.65 crores in fresh capital, which strengthens its balance sheet. Existing shareholders should note the increase in total outstanding shares.