Outcome of Board Meeting
Price
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The board approved a preferential allotment of 18,09,796 equity shares at Rs. 256 per share (face value Rs. 10) to 174 public investors, raising approximately Rs. 46.33 crore. Separately, 15,30,000 fully convertible warrants were allotted at Rs. 256 each to 5 promoter group members, with each warrant convertible into one equity share within 18 months (Rs. 64 upfront, Rs. 192 on conversion). Additionally, 67,708 equity shares were allotted to Aarti Jaybhai Shah upon conversion of previously issued warrants, aggregating Rs. 1.73 crore. Post allotment, the paid-up equity capital stands at Rs. 7.47 crore comprising 74,75,844 equity shares of Rs. 10 each. This is a preferential issue, not a QIP or NCD issuance.
Existing shareholders face immediate dilution of around 25% from the new equity issuance, with an additional ~17% potential dilution if the 15.3 lakh promoter warrants are fully converted within 18 months. Promoter participation through warrants signals insider confidence but does not prevent meaningful equity dilution for retail investors.