The Board of Directors at their meeting held on May 21, 2026, has Considered and approved the alternation of Articles of Association of the Company, subject to members approval at the ensuing ....
HARIOMPIPE · price
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Hariom Pipe Industries' Board on May 21, 2026 approved two key proposals. First, the issuance of up to 15 lakh convertible warrants to four promoter group members (Rupesh Kumar Gupta, Shailesh Kumar Gupta, Parul Gupta, and Isha Gupta) at Rs. 343 per warrant, aggregating Rs. 51.45 crore. Only 25% is payable upfront at subscription, with the remaining 75% due upon conversion. The warrants have an 18-month tenure. Second, the Board approved alteration of the Articles of Association to allow conversion of debentures or loans into equity shares. Third, the Board approved conversion of debt into equity in case of an event of default. All proposals require shareholder approval at an Extra-Ordinary General Meeting scheduled for June 16, 2026.
Promoter holding will increase from approximately 29.83% to 33.08% post full conversion of warrants, indicating significant promoter commitment. The debt conversion provisions suggest potential financial stress, as the company is preparing for possible debt-to-equity swap in default scenarios.