The Board of Directors of the Company, in its meeting held on September 01, 2025, approved the preferential issue of warrants convertible into equity shares of the Company.
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The Board of Jetmall Spices and Masala Ltd, on September 1, 2025, approved issuing up to 1,52,82,000 warrants convertible into equity shares at Rs. 23 per warrant, aggregating Rs. 35.15 crore. All warrants are proposed to be allotted to a single non-promoter investor, Bridge India Fund, which would hold 71.83% of the company post full conversion. The investor must pay 100% of the warrant price upfront at allotment, with conversion allowed only after 6 months and within 18 months. Unexercised warrants will lapse and the upfront money will be forfeited.
This is a near-complete change of control, with a single new investor set to hold nearly 72% of the company, meaning massive dilution for existing shareholders and a likely negative short-term stock reaction. However, Rs. 35 crore of fresh capital will be received upfront, which could support the company's business plans.