Pursuant to regulation 30 of SEBI (LODR), Regulation 2015, Company has received In- Principal Approval from BSE for Allotment of 4,45,000 equity Share at Rs 13.92 per share.
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Hittco Tools Ltd has received BSE's in-principle approval for a preferential allotment of 4,45,000 equity shares of Rs. 10 face value each at an issue price of Rs. 13.92 per share. This means each share is being issued at a premium of Rs. 3.92 over its face value. The shares will be allotted to Promoters and Non-Promoters on a preferential basis. The company will now proceed with the actual allotment in line with SEBI ICDR and Companies Act rules. The BSE approval is only an in-principle nod and the company must still complete post-issue listing formalities within 20 days of allotment.
The preferential issue will expand the company's equity base by 4,45,000 shares, potentially diluting existing shareholders depending on the size of their current holding. Since the price (Rs. 13.92) is above face value (Rs. 10), the company will raise fresh capital at a slight premium. The dilution impact and use of funds will be key for shareholders to track in the next disclosure.