Allotment of 26,65,242 equity shares Equity Shares upon conversion of Complusory Convertible Preference Shares
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On June 20, 2025, the board of Gourmet Gateway India Ltd approved the conversion of 26,65,242 Compulsorily Convertible Preference Shares (face value ₹1 each) into an equal number of equity shares. All allottees are from the non-promoter category, with the largest recipients being Birbal Advisory Pvt Ltd (24,06,323 shares) and Sameer Infodot Pvt Ltd (1,73,152 shares). Additionally, 53,30,484 bonus shares were issued at a 2:1 ratio to these CCPS holders, bringing the total new equity shares to 79,95,726. The newly allotted shares will rank equally with existing equity shares but are subject to lock-in as per SEBI ICDR rules. The allotment was carried out under Sections 62 and 42 of the Companies Act, 2013, following shareholder approval from September 30, 2023, and BSE in-principle approval from December 15, 2023.
This results in a significant expansion of the equity base (roughly 80 lakh new shares added), which will dilute existing shareholders' stake. The shares are going entirely to non-promoter allottees, meaning no change in promoter holding percentage but a notable increase in non-promoter float. Investors should expect some short-term pressure on the stock price due to this dilution, partially offset by the bonus component which rewards the incoming shareholders.