Please find attached herewith the intimation for the allotment of Equity Shares upon Conversion of Warrants.
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Jigar Cables Ltd has converted 19,80,000 fully convertible warrants into an equal number of equity shares at Rs. 50.35 per share (including Rs. 40.35 premium). The company received Rs. 7.48 crore as the remaining 75% payment from 4 allottees — 1 promoter and 3 non-promoters. Following this conversion, the paid-up equity capital rises from Rs. 7.03 crore to Rs. 9.01 crore (from 70.32 lakh to 90.12 lakh shares of Rs. 10 each). Promoter group holding dilutes marginally from 44.48% to 42.48%, while non-promoter holding rises from 55.52% to 57.52%. No warrants from these allottees remain pending for conversion. The new shares will rank equally with existing equity shares.
The full conversion of warrants brings in Rs. 7.48 crore of fresh capital into the company without any debt, which strengthens the balance sheet. The slight promoter dilution of around 2% is modest. For existing shareholders, this is mildly dilutive (about 28% increase in share count), but the cash inflow is a positive signal of promoter and investor confidence.