Allotment of 90,00,000 fully paid-up Equity Shares of Rupees 10/- each upon conversion of warrants into Equity shares on Preferential Basis
Price
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JOJO Ltd (formerly Madhuveer Com 18 Network Limited) has allotted 90 lakh equity shares of Rs. 10 each upon conversion of fully convertible warrants on a preferential basis. The warrants were originally allotted in November 2024 at Rs. 40 per warrant, with 25% (Rs. 10) paid upfront and the remaining 75% (Rs. 30) received now, totaling Rs. 27 crore in cash. Allottees include Promoter Group members (Dhruvin Shah 27 lakh, Daksesh Shah 5 lakh, Sheetal Shah 3 lakh, Samir Shah 5 lakh, Shweta Shah 5 lakh) and Public Category investors (Meet Kariya 5 lakh, Jay Kariya 5 lakh, Shlok Rathod 35 lakh). Post-allotment, the company's paid-up capital increased from Rs. 25.48 crore (2.55 crore shares) to Rs. 34.48 crore (3.45 crore shares). All outstanding warrants have now been fully converted.
The conversion of warrants increases the equity base significantly by 35%, diluting existing shareholders. Promoter holding rises from ~58% to ~67%, indicating promoter-backed capital infusion on a cash basis.