Due to clerical error submitting again the outcome of board meeting dt.06/08/2025 along with the Annexure .
Awaiting price reaction for this filing.
Esha Media Research's board, at its meeting on August 6, 2025, approved a preferential issue to non-promoters comprising 10 lakh equity shares at Rs. 15 each (including a Rs. 5 premium), raising Rs. 1.50 crore, along with 2.39 crore convertible warrants at Rs. 15 each, potentially raising another Rs. 35.85 crore if fully exercised — a total planned infusion of Rs. 37.35 crore. The board also approved raising the company's authorized share capital from Rs. 13 crore (1.3 crore shares) to Rs. 35 crore (3.5 crore shares), requiring amendments to the Articles of Association. The allottees include 12 non-promoter entities, with Opulus Bizserve Private Limited being the largest (taking 10 lakh shares plus 70 lakh warrants) and Media Eagle Research LLP taking 43 lakh warrants. An Extraordinary General Meeting has been scheduled for September 1, 2025, to seek shareholder approval. Post-issue, the allottees' combined holding would rise sharply from 35.41% to 84.58% of the expanded share capital (assuming full warrant conversion), implying significant dilution for existing public shareholders.
This is a heavily dilutive capital raise — existing shareholders' stake would shrink from roughly 64.59% to about 15.42% on a fully diluted basis, which is likely to weigh on the stock price in the short term. However, the Rs. 37.35 crore infusion (if warrants are exercised) could strengthen the company's balance sheet; the low premium of Rs. 5 per share and the reference to a pending Open Offer also point to a possible change-of-control situation worth monitoring.