Allotment of 2056965 Equity Shares on preferential basis through private placement
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Ind Agiv Commerce's board, at its May 12, 2025 meeting, allotted 20,56,965 equity shares of Rs. 10 each at a price of Rs. 29 per share (including Rs. 19 premium). This included 1,00,000 fresh shares to non-promoter Mr. Chiranjeev Milkha Singh raising Rs. 29 lakh, and 19,56,965 shares issued against loan conversion to promoter and non-promoters aggregating Rs. 5.67 crore. The board also revoked an earlier May 6, 2025 allotment resolution. Some subscribers (Mr. Mukesh Belani, Mr. V.B. Rupani) defaulted on payment for 7,05,000 shares, which will remain as unpaid amounts in the balance sheet. Post-allotment, paid-up equity capital rose to Rs. 3.05 crore comprising 30,56,965 shares.
Existing shareholders face dilution as the share count rose from 10 lakh to about 30.57 lakh. Loan-to-equity conversion eases debt but significantly expands the equity base, and partial subscription defaults suggest weak investor follow-through on the issue.