Revised outcome of the board meeting pertaining to fund raising
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Gretex Corporate Services Limited has approved allotment of 19,51,000 Fully Convertible Warrants to 5 non-promoter investors at Rs. 358 per warrant, raising approximately Rs. 69.85 crore. Each warrant is convertible into one equity share of face value Rs. 10 within 18 months. The major allottee is Ambition Tie-Up Private Limited (12,01,000 warrants for Rs. 42.99 crore), followed by Zyana Developers LLP (5,00,000 warrants for Rs. 17.90 crore). The remaining three allottees include Shailja Sandeep Jindal and two Makharia family members. The filing corrects a typographical error in warrant numbers for allottees 2 and 3 from the earlier disclosure. Post-conversion, Ambition Tie-Up will be reclassified under the Promoter Group.
This preferential warrant allotment will dilute existing shareholders as the warrants convert to equity shares. The Rs. 69.85 crore infusion provides growth capital. Promoter holding may increase when the largest allottee (Ambition Tie-Up) converts and gets reclassified to Promoter Group.