Pursuant to Regulation 30 read with Part A, Para A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), and in continuation ....
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IDream Film Infrastructure Company approved two preferential allotments: (1) 40 lakh equity shares at Rs. 10 each for Rs. 4 crore cash to Northvale Capital Partners Private Limited, and (2) 26.64 crore equity shares at Rs. 10 each issued for non-cash consideration via a share swap to acquire 100% of E-Tunnel Inc., a South Korean company. The share swap ratio is 1:121, meaning 1 E-Tunnel share (500 KRW face value) gets 121 IDream shares. The allottees include Northvale Capital, HCMI, Norfolk Resources, Norfolk Technologies, and several other Korean individuals and entities. Post-allotment, share capital increased dramatically from 1.5 lakh shares to 27.05 crore shares, with the acquirer and PACs holding 73.72% and public holding 26.28%.
The company is undergoing a major expansion via acquisition of a foreign entity (E-Tunnel) through a share-swap arrangement, significantly diluting public shareholding from near 100% to 26.28%, making this a highly dilutive event for existing shareholders not participating in the issue.