Allotment of 14,99,200 Equity Shares consequent to conversion of Convertible Warrants
Price
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Hemant Surgical Industries Ltd has allotted 14,99,200 equity shares of face value ₹10 each at ₹197 per share, following conversion of convertible warrants. The conversion was undertaken by three Singularity funds (all non-promoter allottees): Singularity Large Value Fund III received 6,49,600 shares, Singularity Equity Fund I received 6,49,600 shares, and Singularity Equity Fund II received 2,00,000 shares. The balance 75% of subscription money was received for the conversion. The paid-up equity share capital increased from ₹13,03,84,000 to ₹14,53,76,000, resulting in 1,45,37,600 fully paid-up equity shares now outstanding.
Dilution of approximately 10.3% for existing shareholders. The significant premium price of ₹197 (vs ₹10 face value) signals strong institutional confidence. However, warrant conversions typically have a bearish signal as they involve issuance of new shares.