Preferential shares and warrants approved for Golden Ikon acquisition
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On the reaction day the stock moved 4.7 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board allotted 76,285,000 shares at Rs 23.10 to Golden Ikon sellers for its Rs 1.76225 billion acquisition, making Golden Ikon wholly owned. It also allotted 39,550,000 preferential shares for cash and 3,700,000 convertible warrants at Rs 23.10. Each warrant converts into one share within 18 months; Rs 21.3675 million was paid upfront.
Shareholders face dilution from 119.535 million new shares and 3.7 million potential shares. Golden Ikon adds scale, but integration and financing risks remain.