Emkay Global Financial Services Limited has informed the Exchange regarding Board meeting held on September 22, 2025.
EMKAY · price
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Emkay Global's board has approved a preferential issue of up to 95 lakh convertible warrants at Rs. 239.50 each, raising up to Rs. 227.52 crores in total. 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 conversion. The allottees include non-promoter Antique Securities Private Limited (75 lakh warrants, Rs. 179.6 crores), with Mr. Kirti J Doshi and Mrs. Hina K Doshi as ultimate beneficial owners, who will end up with about 21.36% of the company after conversion. Promoters Krishna Kumar Karwa (12.5 lakh warrants) and Prakash Kacholia (7.5 lakh warrants) are also subscribing, showing promoter participation in the round. The board also approved amending the Articles of Association to formally allow such issuances, and an EGM has been called for October 17, 2025 to seek shareholder approval.
This is a sizeable capital raise that will significantly change the shareholding pattern — a new non-promoter entity is set to become the single largest shareholder with a 21.36% stake, while existing promoter holdings will dilute (Karwa from 19.22% to 17.58%, Kacholia from 18.55% to 15.67%). The deal is still subject to shareholder approval at the EGM on October 17, 2025, so the stock may see volatility around that event.