Intimation of In principal approval for listing of Equity shares.
KAVDEFENCE · price
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Kavveri Defence & Wireless Technologies has received in-principle approval from NSE for listing 2.575 crore new equity shares. These shares result from conversion of warrants issued on preferential basis to both promoters and non-promoters. The shares have a face value of Rs. 10 each and were issued at Rs. 16 per share (including a premium of Rs. 6). The total potential capital infusion from this conversion is approximately Rs. 41.2 crore. The shares will be listed and admitted to dealings once confirmed by depositories NSDL and CDSL.
This issuance will dilute existing shareholders as new shares are being listed. The warrant conversion at a premium shows investor confidence, but the significant increase in share count may impact per-share metrics and earnings.