Consider and approved the allotment of 600000 Equity Shares of face value of INR 1/- each pursuant to conversion of 600000 Fully Convertible Warrants (''Warrants'') issued at an issue price ....
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Awaiting price reaction for this filing.
Epuja Spiritech Ltd's board approved the allotment of 600,000 equity shares (face value INR 1 each) at INR 3.40 per share (including a premium of INR 2.40), arising from the conversion of 600,000 fully convertible warrants issued earlier on a preferential basis. The sole allottee is Prayag Krishna Shelatkar, a non-promoter investor, whose holding rises from 4,000 shares (0.0048%) to 604,000 shares (0.72%) on a fully diluted basis. As a result, the company's paid-up equity capital increased from INR 8.28 crore to INR 8.34 crore (from 8.28 crore shares to 8.34 crore shares). A large pool of 87,387,353 warrants remains pending conversion and may be converted into equity shares in the future.
This is a small dilution event on its own, but the large number of warrants still outstanding signals potential further equity dilution ahead. Shareholders should note that conversion pricing of INR 3.40 is well below likely market levels, which could weigh on the stock if remaining warrants are converted.