Preferential issue of 1995000 convertible warrants into Equity Shares
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Inter Globe Finance's board approved the conversion of 19,95,000 convertible warrants into equity shares at Rs. 46.50 per share (face value Rs. 10), raising a total of about Rs. 6.96 crore. Out of 11 allottees, 10 belong to the promoter and promoter group, with only one non-promoter allottee (Ravi Jain) receiving 3,75,000 shares. The company had originally issued 76,60,000 convertible warrants in February 2024, of which 21,35,000 were already converted in August 2024 — this is the second tranche of conversion. The 75% balance subscription money (Rs. 6.96 crore) has been received, completing the conversion process as per SEBI ICDR rules.
This will lead to a small dilution of the equity base, but since most shares are going to the promoter group, it signals promoter confidence in the company rather than any meaningful increase in public float. Existing retail investors may see a marginal increase in total share count.