Emkay Global Financial Services Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
EMKAY · price
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Awaiting price reaction for this filing.
Emkay Global's board approved issuing up to 95 lakh convertible warrants at Rs. 239.50 per warrant on a preferential basis, raising up to Rs. 227.52 crores. Each warrant can be converted into 1 equity share (face value Rs. 10, premium Rs. 229.50) within 18 months, with 25% payable upfront and 75% on exercise. Non-promoter Antique Securities Private Limited (owned by the Doshi family) will subscribe to 75 lakh warrants for Rs. 179.62 crores, becoming a 21.36% shareholder post-conversion. Promoters Krishna Kumar Karwa and Prakash Kacholia will subscribe to 12.5 lakh and 7.5 lakh warrants respectively, though their percentage holdings will dilute from 19.22% to 17.58% and 18.55% to 15.67%. Shareholders will vote on the proposal at an EGM scheduled for October 17, 2025.
The Rs. 227.52 crore capital raise is a significant dilution event for existing shareholders, particularly promoters, but brings in a new strategic non-promoter shareholder (Antique Securities) with a 21.36% stake, signaling external confidence. Stock may face short-term pressure on dilution concerns, though the long-term value depends on how effectively the capital is deployed for growth.