Board approves share swap for 33.5% stake in Fiba Hardwyn Locks
HARDWYN · price
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On the reaction day the stock moved 2.1 pts more than Nifty Microcap 250 and 2.6 pts more than its Furniture Home Furnishing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board approved preferential allotment of 2,53,76,751 shares via swap to acquire 22,06,674 shares, or 33.50%, of Fiba Hardwyn Locks at Rs 184 per share, implying consideration of Rs 466.93 crore. Promoter group holding will rise from 43.78% to 46.55%. The board also proposed raising authorized capital from Rs 50 crore to Rs 55 crore and approved auditor appointments and the AGM notice, subject to shareholder approval where required.
Existing shareholders face dilution from the preferential issue. The acquisition may support growth, but completion depends on exchange approval.