Outcome of Meeting of Board of Directors pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015 - Allotment of 97,50,000 Equity Shares upon Conversion of Warrants.
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Kay Power and Paper's board, at its meeting on October 6, 2025, approved the allotment of 97.5 lakh equity shares (face value Rs. 10 each) upon conversion of warrants at an issue price of Rs. 30.10 per share, including a premium of Rs. 20.10. This was the balance 75% conversion tranche of the 2.59 crore warrants originally allotted on April 15, 2024, with the company receiving Rs. 22.01 crore (Rs. 22.575 per warrant) from 16 allottees. Of these, 46.5 lakh shares went to promoter group entity Kay Nitroxygen Private Limited, while the remaining 51 lakh shares were distributed among 15 non-promoter allottees. Post-allotment, the company's paid-up equity capital increased from Rs. 22.09 crore to Rs. 31.84 crore, comprising 3.18 crore shares. The promoter group's stake rose from 12.00% to 22.93%.
Existing shareholders face dilution as the total share count rises from 2.21 crore to 3.18 crore shares (about 44% expansion). The promoter group significantly strengthened its stake to 22.93%, signaling confidence in the company. The Rs. 22 crore inflow strengthens the company's equity base, though investors should watch for the use of these funds.