Fischer Medical Ventures Limited has informed the Exchange about General Updates
FISCHER · price
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Fischer Medical Ventures' board approved the allotment of 60 lakh equity shares to promoter Shankar Varadharajan upon conversion of convertible warrants. The shares were issued at Rs. 23.40 per share (face value Re. 1, premium Rs. 22.40). The promoter paid the remaining 75% exercise price of Rs. 17.55 per warrant, bringing in Rs. 10.53 crores to the company. This is the completion of a warrant conversion that was likely initiated earlier. The allotment increases the promoter's equity holding in the company.
This signals promoter commitment and brings Rs. 10.53 crores of capital into the company. Since the warrant terms were likely disclosed earlier, the dilution was probably already priced in, so the stock reaction may be modest.