Emkay Global Financial Services Limited has informed the Exchange regarding Outcome of Board Meeting held on September 22, 2025.
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The Board of Emkay Global Financial Services, held on September 22, 2025, approved the issuance of up to 95 lakh convertible warrants at Rs. 239.50 per warrant on a preferential basis, potentially raising up to Rs. 227.52 crores. Each warrant is convertible into one equity share of Rs. 10 face value at a premium of Rs. 229.50, within 18 months from allotment, with 25% payable upfront and 75% on conversion. The proposed allottees are Antique Securities Private Limited (non-promoter, 75 lakh warrants for Rs. 179.62 crores), promoter Krishna Kumar Karwa (12.5 lakh warrants for Rs. 29.94 crores), and promoter Prakash Kacholia (7.5 lakh warrants for Rs. 17.96 crores). The Board also approved an amendment to the Articles of Association to enable issuance of convertible securities. An Extra-Ordinary General Meeting has been scheduled for October 17, 2025, to seek shareholder approval.
If all warrants are converted, the preferential issue would result in significant equity dilution, with Antique Securities emerging as a major shareholder at 21.36% and existing promoters Krishna Kumar Karwa and Prakash Kacholia retaining 17.58% and 15.67% respectively. The fundraise strengthens the company's capital base, and promoter participation signals confidence, though existing minority shareholders should note the dilution impact ahead of the October 17 EGM vote.