28,00,000 Convertible Warrants in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board of Directors ....
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Garg Furnace Ltd's Board has approved the allotment of 18,00,000 equity shares (face value Rs. 10 each) upon conversion of warrants at Rs. 195 per share, including a premium of Rs. 185 each, aggregating to approximately Rs. 26.32 crore. The allottees include 4 promoters (Davinder Garg, Vaneera Garg, Toshak Garg, Daksh Garg) receiving 12,00,000 shares and 2 non-promoters (Sangeeta Pareekh and BGP 11 Analytics Private Limited) receiving 6,00,000 shares. Post-allotment, the paid-up equity capital has increased from Rs. 5,00,87,000 (50,08,700 shares) to Rs. 6,80,87,000 (68,08,700 shares). The remaining 10,00,000 warrants from the original 28,00,000 are yet to be converted. The newly allotted shares will rank pari-passu with existing equity shares.
This is a warrant-to-equity conversion that expands the promoter family's combined holding and brings in new non-promoter shareholders, slightly diluting existing non-involved shareholders. The fresh equity infusion of about Rs. 26.32 crore strengthens the company's capital base but increases the share count, which may exert mild dilution pressure on earnings per share.