Board Meeting held to consider and allot 7959313 Equity Shares Pursuant to conversion of Warrant.
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Awaiting price reaction for this filing.
The board of Epuja Spiritech Ltd (formerly Sagar Productions Ltd) approved the allotment of 79,59,313 equity shares (face value INR 1 each) on conversion of an equivalent number of fully convertible warrants at INR 3.40 per share (including a premium of INR 2.40). All 16 allottees belong to the Non-Promoter category, with no promoter participation in this tranche. This is part of a larger preferential allotment, with about 6.99 crore warrants still pending conversion in the future. As a result, the company's paid-up equity capital increased from about 9.55 crore shares to about 10.35 crore shares, a dilution of roughly 8.3%.
Existing shareholders face further dilution, and another ~7 crore shares could enter the market once the remaining warrants are converted. The low conversion price of INR 3.40 versus face value of INR 1 suggests the warrants were issued at a significant premium, and absence of promoter participation may be viewed negatively by the market.