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Hit Kit Global Solutions Ltd has allotted 50,00,000 equity shares of Rs. 2 each to Glimmer Enterprise Private Limited upon conversion of an equal number of convertible warrants on a preferential basis. This is the third tranche of conversion, with the allottee paying the balance 75% consideration (Rs. 1.5 per share, totalling Rs. 75 lakh). As a result, the company's paid-up equity share capital has increased to Rs. 10.78 crore, divided into 5.39 crore equity shares. Glimmer Enterprise's stake in the company has risen from 6.04% to 14.76% post-allotment, making it a significant shareholder.
The conversion increases the promoter/investor holding of Glimmer Enterprise and dilutes existing shareholders marginally. The fresh shares rank pari-passu with existing equity, so no special rights are attached. For the stock, this signals completion of a previously announced preferential warrant issue but is a small-scale event relative to the total share base.