Acquires 2 electronics firms via share swap, issues 5.67 cr shares, major board changes
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Board approved acquiring 100 percent of Blisstering Electronics and Bliss Cab Electronics via share swap, issuing up to 5,67,51,732 equity shares at Rs 14 each. Authorized capital raised from Rs 7.5 cr to Rs 64 cr. Post-issue, Ravi Prakash Bothra will hold 31.57 percent and Misun Pure Lights 11.02 percent, effectively changing control. Two independent directors, the statutory auditor and secretarial auditor resigned. New auditors and one independent director appointed.
Change of control to Bothra group via share swap. New shareholders hold about 90 percent post-issue, causing heavy dilution. Multiple board and auditor exits may concern investors.