Emkay Global Financial Services Limited has informed the Exchange about issue of Securities
EMKAY · price
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Awaiting price reaction for this filing.
Emkay Global Financial Services' board has approved issuing up to 95 lakh convertible warrants at Rs. 239.50 per warrant, on a preferential basis, to raise up to Rs. 227.5 crore. Each warrant can be converted into 1 equity share of Rs. 10 face value within 18 months, with 25% payable upfront and 75% on exercise. The issue price is marginally above the SEBI floor price of Rs. 239.36 per share. The warrants are proposed to be allotted to 3 investors: Antique Securities Private Limited (non-promoter, 75 lakh warrants for ~Rs. 179.6 crore), promoter Krishna Kumar Karwa (12.5 lakh warrants for ~Rs. 30 crore), and promoter Prakash Kacholia (7.5 lakh warrants for ~Rs. 18 crore). Post-conversion, Antique Securities would hold a 21.36% stake in the company. An EGM is scheduled for October 17, 2025, to seek shareholder approval.
This is a significant capital raise that will dilute existing shareholders, with a single non-promoter entity (Antique Securities, linked to the Doshi family) set to become a major 21.36% shareholder. Promoter participation signals confidence, but the low premium to floor price and the size of the new non-promoter stake may weigh on sentiment in the short term until the warrants are exercised or lapse.