Outcome of Board Meeting held for allotment of 64,85,000 Convertible warrants to the allottees at issue price of Rs.122.50 per warrant for which 25% of the amounts has been paid on the application.
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The board has allotted 64,85,000 convertible warrants at Rs. 122.50 each (face value Rs. 10 + premium Rs. 112.50) on a preferential basis, taking the total issue size to approximately Rs. 79.44 crores. The company has already received Rs. 19.86 crores as 25% upfront payment (Rs. 30.625 per warrant) from the allottees. The remaining 75% (Rs. 91.875 per equity share) will be payable upon conversion, with the final conversion window closing on May 24, 2027 (18 months from allotment). Allottees include 5 entities from the promoter/promoter group and 10 strategic investors such as Meteor Capital Fund, Second Street Partners, Minerva Ventures Fund, and Starlink General Trading LLP.
This is a dilutive preferential allotment—conversion of warrants into equity over the next 18 months will increase the share count and dilute existing shareholders' stakes. On the positive side, the promoter group's participation signals confidence, and the company is set to receive fresh capital of roughly Rs. 79.44 crores when warrants are fully exercised.