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Awaiting price reaction for this filing.
G.G. Automotive Gears has allotted 4,90,000 equity shares to promoter Bela Gajra on conversion of the remaining 4,90,000 convertible warrants originally issued on 1 November 2023 at Rs. 60 per share (including Rs. 50 premium). The company received Rs. 2,20,50,000 against this conversion. These warrants were part of an earlier issue of 16,58,833 warrants aggregating Rs. 5,67,00,000 to promoter Bela Gajra and non-promoter Belkenn Loco Parts Pvt Ltd, of which 11,68,833 had already been converted in August 2024. The latest conversion takes the total to 16,58,833 warrants fully converted into equity shares. Paid-up equity capital has increased from Rs. 9.5 crore (95 lakh shares) to Rs. 9.99 crore (99.9 lakh shares) of Rs. 10 each.
This is a completion of a previously announced preferential warrant issue, resulting in a modest ~5.2% expansion of share capital. It is mildly dilutive for existing shareholders but brings closure to the pending conversion with no warrants remaining outstanding.