Outcome of Board Meeting as attached
GNRL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board of Gujarat Natural Resources Ltd approved the allotment of 2.5 crore equity shares (face value Rs. 10 each) at an issue price of Rs. 21.70 per share, which is Rs. 11.70 above the face value. These shares were issued to two non-promoter public allottees — Vansh Ravi Agrawal (1 crore shares) and JA Spaces LLP (1.5 crore shares) — upon conversion of their previously held convertible warrants. The company collected the remaining 75% of the exercise price, totaling about Rs. 40.69 crore in fresh cash. After this allotment, the paid-up equity capital of the company has risen to Rs. 153.40 crore spread across roughly 15.34 crore shares. Separately, Mr. Harsadsinh Bhurubha Rana was appointed as an Additional Independent Director for a five-year term, pending shareholder approval.
The warrant conversion brings in about Rs. 40.69 crore of fresh capital but also expands the share count by 2.5 crore, which will dilute existing shareholders by roughly 16-19%. The allotment price is set at a premium to face value. The independent director addition is largely procedural and unlikely to move the stock on its own.