Conversion of 9,85,220 Warrants and allotment of 9,85,220 Equity Shares of Duroply Industries Limited
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Duroply Industries has allotted 9,85,220 equity shares of Rs. 10 face value each upon conversion of an equal number of warrants held by 10 Non-Promoter Public allottees. The warrants were originally issued on a preferential basis on March 27, 2024 at Rs. 203 per warrant, and the company has now received the balance 75% subscription money (Rs. 152.25 per warrant). As a result, the paid-up equity share capital of the company has increased from Rs. 9.86 crore to Rs. 10.85 crore. With this allotment, all 9,85,220 warrants stand fully converted with none outstanding. The largest allottee is Tusk Investments Ltd, whose stake rises to 6.41% post-allotment.
This is a pre-committed warrant conversion and not fresh fundraising, so it brings in about Rs. 15 crore in balance warrant money but causes modest equity dilution for existing shareholders. No surprise negative for the stock, though share count and promoter holding percentage will change marginally.