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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Sai Swami Metals and Alloys Limited informed the stock exchange that its Board, at a meeting held on April 23, 2025, approved the allotment of 27,90,000 equity shares (face value INR 10 each) on conversion of an equivalent number of fully convertible warrants out of the 66,40,000 warrants issued earlier on February 7, 2025, at INR 55.50 per share via preferential allotment. The bulk of these shares (26,40,000) went to Promoter Nipun Anantlal Bhagat, while the remaining 1,50,000 shares were allotted to seven public non-institutional individuals. As a result, the company's paid-up equity capital rose from INR 9.27 crore (92,67,710 shares) to INR 12.06 crore (1,20,57,710 shares). The remaining 12,00,000 warrants are to be converted into equity shares within 18 months from the date of original allotment.
This is a dilution event as more shares enter circulation, increasing the total share count by roughly 30%. The conversion is at a price well above face value (INR 55.50 vs INR 10), so the company is also receiving fresh capital from warrant holders. Shareholders should note the expanded share base and the promoter增持.