Allotment of 3,23,123 convertible warrants on preferential basis approved
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Kalyani Cast-Tech board approved allotment of 3,23,123 convertible equity warrants at Rs 582 each on preferential basis, aggregating Rs 18.81 crore. The 7 allottees include 6 from the promoter group and 1 non-promoter. Company received 25 percent upfront amount of Rs 4.70 crore. Each warrant is convertible into 1 equity share of Rs 10 face value within 18 months. No change in paid-up equity capital until warrants are actually converted.
Promoter group-led preferential issue brings in Rs 4.70 crore upfront now; potential equity dilution possible on conversion within 18 months.