The Company has informed the exchange about the Receipt of In-principle approval from BSE Limited regarding issue of Convertible Warrants & Optionally Convertible Debentures (OCDs) on Preferential ....
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On the reaction day the stock moved 1.8 pts more than Nifty Microcap 250 and 1.9 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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GHV Infra Projects has received BSE's in-principle approval to issue 38.5 lakh convertible warrants (each exercisable into one equity share of Rs. 10 at a price not less than Rs. 400) to promoters and non-promoters on a preferential basis. Separately, the company will also issue 16,000 secured, unlisted, unrated optionally convertible debentures (OCDs) of Rs. 1 lakh each carrying an 18% coupon, to be converted into equity shares of Rs. 10, allotted to non-promoters on a preferential basis. At minimum issue price, the warrants tranche alone is worth around Rs. 154 crore and the OCD tranche around Rs. 16 crore, taking the total potential capital raise to roughly Rs. 170 crore. The approval is just the first step; the company must now complete allotment, comply with SEBI ICDR lock-in norms, and apply for listing within 20 days of allotment.
This paves the way for a sizeable capital infusion from promoters and select investors, which could strengthen the company's balance sheet or fund growth. However, the preferential nature means existing public shareholders will face dilution once warrants/OCDs are converted, and the steep 18% coupon on the OCDs signals the company had to pay a premium yield to attract subscribers.