Outcome of Board Meeting
Price
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The Board of Directors of Koura Fine Diamond Jewelry Ltd, held on 06th June 2025, approved several key items. First, the authorized share capital will be increased from Rs. 4 crore (40 lakh equity shares) to Rs. 7.20 crore (72 lakh equity shares of Rs. 10 each), subject to shareholder approval. Second, the company will issue 6,50,000 equity shares on a preferential basis at Rs. 31.30 per share (including a premium of Rs. 20.30) to Jeetkumar Nileshkumar Makadia, who will move from non-promoter to promoter status, for a total of Rs. 2.03 crore. Third, 25,00,000 convertible warrants will be issued at the same price of Rs. 31.30 per share to 31 investors (3 promoters and 28 non-promoters), potentially raising Rs. 7.82 crore upon conversion, with a 1:1 conversion ratio exercisable within 18 months. An Extra Ordinary General Meeting (EGM) has been scheduled for 02nd July 2025 to seek shareholder approval for these matters.
Existing shareholders should expect dilution as 31.5 lakh new shares (6.5 lakh equity + 25 lakh convertible warrants) may be issued, increasing the total share base significantly. However, the promoter group's increased commitment signals confidence in the company's growth. Shareholders need to vote at the EGM on 02nd July 2025 to approve these preferential allotments and capital expansion.