Pursuant to regulation 30 of LODR Regulation 2015 Allotment of 4,45,000 share at Rs. 13.92 per share of face value of 10 each of total amount of Rs. 61,94,400 to the promoter and non promoter.
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Hittco Tools has allotted 4,45,000 equity shares on a preferential basis at Rs. 13.92 per share (face value Rs. 10), raising a total of Rs. 61.94 lakh. Of these, 2,95,000 shares (Rs. 41.06 lakh) were allotted to promoter Mr. Yash Vardhan Bhandari, and 1,50,000 shares (Rs. 20.88 lakh) to non-promoter Mr. Shreyans Bhandari. The company's paid-up equity capital increased from 61,59,848 to 66,04,847 shares. Additionally, Independent Director Mr. Rajeev Shantilal Desai and Chairman Mr. Rajeev Gobindram Hassanand resigned citing personal and professional commitments, and Mr. Surendra Bhandari (father/grandfather of an existing director) was appointed as the new Chairman.
The preferential allotment strengthens promoter/family shareholding but is a small capital raise (~Rs. 62 lakh) with limited dilution impact. The simultaneous resignation of the Independent Director and Chairman, replaced by a family member as Chairman, may raise corporate governance concerns among minority shareholders.