Consideration of issue of warrants
Price
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At its 14 June 2025 board meeting, Konndor Industries appointed three new directors: Ms. Sarita Ahire and Mr. Vigil Rodrigues as Executive Directors, and Mr. Mayank Tiwari as Independent Director for a 5-year term. The board accepted the resignations of two Independent Directors — Mr. Jignesh Shah (effective 7 June) and Ms. Ananya Acharya (effective 9 June), both citing pre-occupation. M/s. Vijay Moondra and Co. was replaced as Statutory Auditor by M/s. Maitra J & Co. for a 5-year term due to a casual vacancy. Additionally, the board approved issuing 65 lakh equity warrants (face value Rs.10) on a preferential basis to 10 non-promoter investors, potentially raising up to Rs.6.5 crore, subject to shareholder and regulatory approvals.
The simultaneous exit of two independent directors alongside a statutory auditor change within days may raise governance concerns among shareholders, even though the company says reasons are routine. The proposed Rs.6.5 crore preferential warrant issue to non-promoter investors could lead to equity dilution once warrants are converted over the next 18 months.