Equity and warrant allotment for Golden Ikon acquisition and fundraise
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The board approved 76,285,000 shares at Rs 23.10 each for the owners of Golden Ikon, as part of its 100% acquisition for Rs 176.225 crore; Golden Ikon becomes a wholly owned unit. It also allotted 39,550,000 cash shares to non-promoters at Rs 23.10 and 3,700,000 convertible warrants at the same price. The company received 25% of the warrant price upfront; each warrant can convert into one share within 18 months.
Existing holders face dilution. The acquisition may add earnings, while new funding and warrant conversions could pressure the share price.