Outcome of Meeting of Board of Directors in accordance with Regulation 30 Obligations of the SEBI (Listing and Disclosure Requirements) Regulations, 2015.
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The board approved the allotment of 4,75,000 equity shares (face value INR 10 each) on conversion of an equal number of Fully Convertible Equity Warrants at INR 55.50 per share. These warrants were part of 66,40,000 warrants issued on February 7, 2025 via preferential allotment to non-promoter, public category allottees - Anant Singhvi (1,50,000), Vandana Singhvi (1,30,000), Pradeep Kumar Daga (1,45,000) and Nitin Suresh (50,000). The remaining 7,25,000 warrants are to be converted within 18 months of original allotment. Post-allotment, paid-up equity capital rose from INR 12.05 crore to INR 12.53 crore (1,20,57,710 to 1,25,32,710 shares). The board also proposed changing the company name to 'Dolphin Kitchen Appliances Limited' or 'Dolphin Kitchenware Limited', subject to shareholder and RoC approval.
This is a routine warrant-to-equity conversion that modestly dilutes existing shareholders by about 3.9% but brings in approximately INR 2.64 crore of fresh capital into the company. The proposed rebranding signals a strategic shift away from metals and alloys toward kitchenware/appliances, which investors should note for the company's future direction.