Board Meeting held to consider and approve the allotment of 15,23,530 Equity Shares pursuant to conversion of warrant.
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Epuja Spiritech Ltd's board approved the allotment of 15,23,530 equity shares (face value Rs. 1) at Rs. 3.40 per share, arising from the conversion of an equivalent number of fully convertible warrants issued earlier via preferential allotment. The shares were allotted to three non-promoter allottees — Suresh D Gandhi (29,412 shares), Suhas Dattatraya Kale (7,94,118 shares), and Shaila Shashikant Parkar (7,00,000 shares). As a result, the company's paid-up equity capital rose from Rs. 8.60 crore (8,60,79,042 shares) to Rs. 8.82 crore (8,82,02,572 shares). A large pool of around 8.53 crore warrants still remains pending conversion, meaning further dilution is possible over time as warrant holders pay the balance 75% consideration.
This is a routine warrant-to-equity conversion event, not fresh fundraising from the market. Shareholders should note ongoing dilution risk since a much larger number of warrants (over 8.5 crore) are still outstanding and could convert into equity in the future, increasing the share count and potentially pressuring the stock.