Board okays Rs 150 crore preferential issue, 2 director appointments

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₹149.00

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AI summary

Board approved raising up to Rs 150 crore via preferential issue to Carpediem Capital Partners Fund II and 13 co-investors at Rs 143.28 per share. Includes 15.7 lakh equity shares (about Rs 22.5 crore) and up to 89 lakh convertible warrants (about Rs 127.5 crore). Promoter control stays unchanged. Investor gets one board seat and observer seat. Mr. Hithendra Ramachandran (from Carpediem) and Mr. Sathya Pramod appointed as Additional Non-Executive Non-Independent Directors. 33rd AGM set for August 27, 2026.

Likely market impact

Potential equity dilution from preferential issue. Investor gets board representation but promoter control remains intact.