1. Allotment of 1,50,00,000 Equity Shares to Promoter Group, Category upon Exercising Option on Conversion of the Convertible Warrants 2. Forfeiture of 25% Upfront Money Received Against ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.9 pts more than Nifty Microcap 250 and 3.8 pts more than its Commodity Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Kesar Petroproducts' board has allotted 1,50,00,000 equity shares (face value Re. 1 each) at Rs. 18.80 per share (including Rs. 17.80 premium) to two promoter group members — Dinesh Shankarlal Sharma and Shreyas Dinesh Sharma — who exercised their option to convert 75 lakh warrants each. The company received Rs. 21.15 crore as the balance 75% payment for these warrants. Consequently, the paid-up equity share capital has risen to Rs. 11.16 crore (11,16,73,170 shares). Separately, 52,00,000 warrants that were not converted within the due date have been cancelled, and the 25% upfront money of Rs. 2.44 crore paid on those warrants has been forfeited. The lapsed warrants belong to both promoter and non-promoter holders.
This signals continued promoter confidence as the promoter group is bringing in an additional Rs. 21.15 crore by converting warrants into equity. Existing shareholders face some dilution from the new shares, but since the allotments are to the promoter group, promoter holding is reinforced rather than weakened. The forfeiture of Rs. 2.44 crore is a small minor positive for the company.