Allotment of 13,00,000 equity shares of face Value of Rs. 1/- each fully paid up to following non-promoter's consequent to the exercise of 13,00,000 warrants held by following non-promoters.
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Last Mile Enterprises Ltd (formerly Trans Financial Resources Ltd) has allotted 13,00,000 equity shares of face value Rs. 1 each at Rs. 17.50 per share, following the exercise of an equal number of warrants held by non-promoters. The allottees are Bishir K Mehta (3,00,000 shares for Rs. 39,37,500) and Sahastraa Advisors Pvt Ltd (10,00,000 shares for Rs. 1,31,25,000), aggregating Rs. 1,70,62,500. The warrants were originally issued via preferential allotment at Rs. 17.50 per warrant, and the non-promoters paid the remaining 75% (Rs. 13.125 per warrant) to convert them into equity shares on a 1:1 basis. The newly issued shares will rank equally with existing equity shares for dividend and other purposes.
This is a dilution event for existing shareholders — the share count increases by 13 lakh shares, though the cash infusion of about Rs. 1.71 crore strengthens the company's books. For the stock, the conversion was already anticipated since warrants had been issued earlier, so price impact is likely minimal unless trading volumes are thin.