Outcome of Board Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board has allotted 2,81,58,500 convertible warrants at Rs. 13.05 per warrant (face value Rs. 10, premium Rs. 3.05) to promoters and non-promoter individuals/HUFs on a preferential basis under SEBI ICDR regulations. Allottees paid 25% upfront (~Rs. 9.19 crore), with the remaining 75% due upon conversion within 18 months. Each warrant converts into one equity share. Allottees include 11 individuals/HUFs, with promoter Dipna Keyur Shah receiving 80.67 lakh warrants and the largest non-promoter allottee Kajal Ashok Jain receiving 94.11 lakh warrants. Post full conversion of all 5.80 crore warrants (including 2.99 crore from the previous board meeting), paid-up capital will rise from Rs. 24.05 crore (2.40 crore shares) to Rs. 82.08 crore (8.21 crore shares).
Major equity dilution looms — the share count will more than triple (from ~2.4 crore to ~8.2 crore shares), significantly diluting existing shareholders' stakes. The issue price of Rs. 13.05 is modest with thin premium over face value, so warrant holders need only a marginal price rise to break even. Watch for any potential price pressure as more shares enter circulation on conversion.