1. ALLOTMENT OF 20,58,535 EQUITY SHARES OF FACE VALUE RS. 10/- EACH ON PREFERENTIAL ALLOTMENT BASIS AT AN OFFER PRICE OF RS. 71/- EACH PURSUANT TO CONVERSION OF 20, 58,535 CONVERTIBLE WARRANTS.
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On the reaction day the stock moved 5.5 pts more than Nifty Microcap 250 and 4.7 pts more than its Packaged Foods peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Jhandewalas Foods Limited has allotted 20,58,535 equity shares of Rs. 10 face value each on a preferential basis at an issue price of Rs. 71 per share, which includes a premium of Rs. 61 per share. This allotment is pursuant to the conversion of an equal number of convertible warrants that were earlier approved by shareholders at an EGM on 26 April 2024 and received in-principal approval from BSE on 29 May 2024. The shares have been issued to four promoters and two non-promoters, with the promoter group receiving about 17.47 lakh shares and non-promoters receiving about 3.12 lakh shares. The total value of the allotment works out to roughly Rs. 14.6 crore.
The conversion of warrants into equity shares will increase the share capital and dilute existing shareholders marginally, but since most allottees are promoters themselves, it signals promoter commitment and confidence in the company. For retail investors, expect a mild increase in the total share count but no fresh cash inflow as the warrant exercise price was already received earlier.