Pursuant to Regulation 30 of The SEBI (LODR) regulations, 2015, the board of directors of the company at their meeting held on today has approved allotment of 2,35,35,491 Convertible Warrants ....
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The Board of Directors of Emrock Corporation Ltd approved the allotment of 2,35,35,491 convertible warrants at Rs. 11 per warrant on a preferential basis. Each warrant can be converted into one equity share of Rs. 10 face value within 18 months. The company has received 25% upfront payment of Rs. 2.75 per warrant, totalling about Rs. 6.47 crore. If fully converted, the warrants would raise an additional Rs. 19.42 crore, taking the total issue value to nearly Rs. 25.89 crore. Allottees include three promoter group members (Jatinkumar, Parth, and Arjunkumar Patel) who collectively received about 73.8% of the warrants, and 24 non-promoter allottees, most of whom are Patel family members. There is no immediate change in paid-up equity share capital since warrants are yet to be converted.
Existing shareholders face potential dilution of up to 2.35 crore shares once warrants are converted over the next 18 months. The promoter group is leading the fund infusion, signalling promoter confidence in the company's prospects, though the closely-held nature of the allotment (mostly family members) means broader institutional validation is absent.