Board allots 13.98 lakh convertible warrants at Rs 126.50 each to promoters and others
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On the reaction day the stock moved 3.0 pts more than Nifty Microcap 250 and 3.8 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Garg Furnace allotted 13,98,000 convertible warrants at Rs 126.50 each, totalling about Rs 17.68 crore, on a preferential basis. Promoter family members (4 persons) received 12,00,000 warrants, and non-promoters received 1,98,000 warrants. Allottees paid 25 percent upfront, aggregating to Rs 4.42 crore. Each warrant will convert into one equity share of Rs 10 face value on payment of the remaining Rs 94.88 per warrant.
Potential equity dilution for existing shareholders if warrants are later converted. Promoters strengthening their stake in the company.