Outcome of Preferential Allotment Committee is enclosed
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The Preferential Allotment Committee of Exhicon Events Media Solutions Ltd approved the conversion of 4,31,000 convertible warrants into fully paid-up equity shares. The shares have a face value of Rs. 10 each and were allotted at Rs. 315 per share, including a premium of Rs. 305. The company received the remaining 75% exercise money of Rs. 236.25 per warrant, aggregating to about Rs. 10.18 crore. The allottees are three non-promoter individuals: Jitendra Rasiklal Sanghavi (3,06,000 shares), Ramesh Sakharampant Deshpande (75,000 shares), and Akshay Rajesh Khandor (50,000 shares). The conversion was done on a 1:1 basis under a preferential allotment route.
This is a dilution event for existing shareholders as new equity shares are issued, though the company strengthens its cash position by about Rs. 10.18 crore. Since the warrants were already in place, the conversion was largely expected and should have limited surprise impact on the stock.