We refer to the recent approval sought from the shareholders of the Company by way of Special Resolution in the EGM held on 15.07.2025 for issue of 64,85,000 Convertible Warrants of Rs. ....
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Fundviser Capital had sought shareholder approval via Special Resolution at an EGM on 15 July 2025 to issue 64,85,000 convertible warrants at Rs. 116 each (Rs. 10 face value + Rs. 106 premium), raising approximately Rs. 75.23 crore. The warrants, on conversion, would give allottees about 52% of the post-issue share capital. BSE has returned the company's application for in-principle approval, citing vague and unclear use-of-funds disclosures and raising serious concerns about the proposed investee companies — DARS Transtrade (Rs. 45 crore), New India Re & Infra LLP (Rs. 10 crore), and Starlight Box Theatres (Rs. 10 crore) — questioning their financial health, revenue quality, and viability. The exchange noted that shareholders were not given adequate information to take an informed decision on the preferential issue.
This is a negative development for the company as the Rs. 75.23 crore fund-raising plan is effectively stalled until BSE's concerns are addressed. Shareholders should be cautious, as the regulator has flagged weak disclosures and questionable investee companies, which raises governance and capital-deployment concerns.