The Board in its meeting held today considered and approved the allotment of 22,94,965 Equity Shares of Rs. 10/- each at a price not less than 29/-
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The Board of Ind Agiv Commerce Ltd approved the allotment of 22,94,965 equity shares of Rs. 10 each at a price of Rs. 29 (including Rs. 19 premium) on a preferential basis. Of these, 21,94,965 shares were issued to promoters and non-promoters against conversion of loans worth Rs. 6.36 crore, while 1,00,000 fresh shares were allotted to a non-promoter for Rs. 29 lakh in cash. Another 7,05,000 shares offered to two non-promoters were not allotted as they failed to pay the subscription money of Rs. 2.04 crore, which will remain as unpaid amount on the balance sheet. Post-allotment, the paid-up equity capital rises to Rs. 3.29 crore comprising 32,94,965 shares.
The allotment is largely through debt-to-equity conversion, which reduces the company's liabilities but also dilutes existing shareholders. The failure of two allottees to pay Rs. 2.04 crore is a negative signal about investor commitment. Existing shareholders will see their stake reduced as the share count expands significantly.