Board Meeting held to consider and allot 6477451 Equity Shares pursuant to conversion of 6477451 convertible warrant
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Epuja Spiritech Ltd's board approved the allotment of 64,77,451 equity shares (face value Rs 1) at Rs 3.40 per share (including Rs 2.40 premium) pursuant to the conversion of an equal number of fully convertible warrants issued on a preferential basis. The shares were allotted to 12 allottees, mostly non-promoters, with the largest allocation going to non-executive director Prakash Chandrakumar Gandhi (23,52,941 shares). As a result, the company's paid-up equity capital has risen from Rs 8.90 crore to Rs 9.55 crore, an increase of about 7.3%. A large pool of 7,79,33,431 warrants still remains pending conversion over the 18-month exercise window.
This is a routine warrant-to-equity conversion that modestly expands the share base by ~7%, which may cause mild dilution for existing shareholders. The bigger watch-out is the 7.79 crore warrants still outstanding, whose future conversion could significantly increase dilution and put short-term pressure on the stock.