Intimation of In-principle Approval for Issue of 18,40,000 Convertible Warrants of M/s. Le Lavior Limited.
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Awaiting price reaction for this filing.
BSE has granted in-principle approval to Le Lavoir Limited for issuing 18,84,000 convertible warrants on a preferential basis to non-promoters. Each warrant is convertible into one equity share of Rs. 10 face value, at an issue price of not less than Rs. 264.75 per share. The total potential capital raise, if all warrants are exercised, works out to roughly Rs. 49.9 crore. The approval is only the in-principle nod from BSE — the company still needs to complete allotment, file a separate listing application, and meet all SEBI ICDR compliance requirements.
This is a potential equity dilution of up to 18,84,000 shares once warrants are exercised, which could weigh on existing shareholders if the issue price is close to or below the current market price. On the positive side, successful conversion would bring in fresh capital of around Rs. 50 crore for the company. Shareholders should monitor the allotment price and any announcements about who the non-promoter allottees are.