Considered and approved fund raising through preferential issue, Alternation of Articles of Association, Conversion of Loan into equity, Calling for EGM
HARIOMPIPE · price
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Hariom Pipe Industries' board approved raising up to Rs. 51.45 crore by issuing 15 lakh warrants convertible into equity shares to promoter group members at Rs. 343 per warrant. Only 25% is payable upfront (Rs. 85.75 per warrant), with remaining 75% due upon conversion. The warrants have 18-month tenure and will be convertible in one or more tranches. Promoter shareholding will increase from 69.85% to around 73.08% post-conversion. The board also approved altering the Articles of Association to permit conversion of debentures or loans into shares, and called an EGM on June 16, 2026 for shareholder approval.
Promoter stake will increase significantly, resulting in dilution for existing public shareholders. The conditional debt-to-equity conversion clause provides flexibility in case of default, which could further impact equity structure.