We hereby inform you that the Board of Directors of the Company, at its meeting held today, has considered and approved the reduction in total allotment of Convertible Warrants from 25,08,000 ....
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Kizi Apparels' board approved allotment of 23,04,000 convertible warrants to 10 allottees who paid the required 25% upfront consideration within the deadline. The total issue size came to Rs 89,28,000, reduced from the originally approved Rs 97,18,500 for 25,08,000 warrants. Two proposed allottees failed to pay the upfront amount, so no warrants were allotted to them. Each warrant converts into one equity share (face value Rs 10) within 18 months upon payment of the remaining 75%. Notably, the Managing Director Abhishek Nathani and his family members (Kiran Nathani, Raj Kumar Nathani, Suchitra Nathani) together received 12,00,000 warrants (52% of the total), raising related-party concerns.
Dilution will occur when warrants are converted into equity shares within 18 months. The heavy allocation to promoters and related parties means significant ownership shift may follow conversion, which existing shareholders should monitor closely.