Allotment of 14,76,000 equity shares of face value ?1/- each, fully paid up, to the non-promoters consequent to the exercise of 14,76,000 warrants held by them
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Last Mile Enterprises Ltd (formerly Trans Financial Resources Ltd) has allotted 14,76,000 equity shares of ₹1 face value to four non-promoter allottees upon the exercise of 14,76,000 warrants. The shares were allotted at ₹60 per share, bringing in approximately ₹8.856 crore to the company. The largest recipients are Vineet Arora (7,51,650 shares, ~₹4.51 crore) and NAV Capital VCC – NAV Capital Emerging Star Fund (6,26,600 shares, ~₹3.76 crore), with smaller allotments to Nalla Madhav Rao and Padma Raju Chandalada. These warrants were originally issued via a preferential allotment, and the allottees paid the remaining 75% exercise price (₹45 per warrant) to convert them into equity. The newly issued shares will rank pari passu with existing equity shares, including dividend rights.
This is a dilutive event for existing shareholders as 14.76 lakh new shares are added to the equity base. However, the company has already received ~₹8.86 crore in cash, strengthening its books. The participation of NAV Capital Emerging Star Fund as an institutional investor adds some credibility, though the stock is a small-cap and warrants carry known dilution risk.