Board approves share-swap acquisition, 5.67 crore share preferential issue
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved 100 percent share swap acquisition of Blisstering Electronics (BEPL, turnover about Rs 164.70 crore) and Bliss Cab Electronics (BCEPL). Will issue up to 5,67,51,732 shares at Rs 14 each (face value Rs 10, premium Rs 4), totaling about Rs 79.45 crore, to 68 shareholders. Authorised capital raised from Rs 7.5 crore to Rs 64 crore. Two independent directors, statutory and secretarial auditors resigned citing pre-occupation and low fees; new auditors and one independent director appointed.
Heavy share dilution from 5.67 crore new shares. Business pivot from infrastructure to electronics and wires and cables. Existing shareholders face major stake dilution.