The Board of Directors inter alia, approved the following: 1.The alteration of main object clause of the Memorandum of Association of the Company, subject to approval of shareholders; 2. ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board of Jetmall Spices and Masala Ltd approved issuing up to 98,58,000 convertible warrants at Rs. 36 each to Bridge India Fund (a non-promoter, foreign investor), raising up to Rs. 35.49 crore on a preferential basis. If fully converted, Bridge India Fund would end up holding about 62.20% of the company, making it the majority shareholder. The board also approved changing the main object clause of the company's Memorandum of Association, replacing its statutory auditor M/s Darpan & Associates with M/s K Singh & Associates (Chandigarh), and will seek shareholder approval via postal ballot. The document notes the investment is roughly USD 4 million based on the RBI reference rate of 88.72 on November 13, 2025.
This is a major event for retail shareholders — a single foreign fund will take majority control (62.20%) of the company after warrant conversion, leading to heavy dilution for existing public shareholders and a near-total change in ownership. The warrant exercise window is 18 months, so capital inflow is not immediate, and the issue is priced at the SEBI floor price of Rs. 36. The change in main objects suggests a possible shift in business focus, so investors should watch the postal ballot outcome and the rationale for the new object clause.