Future Market Networks Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on June 17, 2026
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Future Market Networks Limited has called an EGM on June 17, 2026, seeking shareholder approval to issue up to 1,00,000 equity shares and 1,99,00,000 fully convertible warrants to Westfield Hygiene Private Limited (a non-promoter entity) on a preferential basis. The issue price is INR 10.80 per share/warrant, totaling up to INR 21.6 crore. For warrants, 25% of the issue price (INR 5.37 crore) is payable upfront, with the remaining 75% (INR 16.12 crore) payable upon exercise within 18 months. The floor price of INR 10.80 was determined using the 10-day VWAP method, which is higher than the 90-day VWAP of INR 9.10, with an independent valuer's report also confirming the price. The warrants will convert into one equity share each upon exercise.
This preferential allotment to a non-promoter entity will dilute existing shareholders' stakes. The issue price at INR 10.80 represents a premium to the 90-day average market price, which is positive for existing shareholders as it avoids excessive dilution at lower prices. Upon full conversion of warrants, significant equity dilution will occur.