Le Merite Exports Limited has informed the Exchange regarding Outcome of Board Meeting held on July 10, 2025.
LEMERITE · price
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Le Merite Exports' board has approved a preferential issue to 43 non-promoter allottees comprising 86,400 equity shares at Rs. 320 per share (a Rs. 310 premium over face value of Rs. 10), totalling about Rs. 2.76 crore. Additionally, 10,37,000 fully convertible warrants will be issued at the same Rs. 320 price, aggregating up to Rs. 33.18 crore, with 25% (Rs. 80 per warrant) payable upfront and the balance on conversion within 18 months. The company confirmed the issue price is not lower than the floor price determined under SEBI ICDR rules. The board also appointed M/s Prachi Bansal & Associates as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30) and Mr. Arpit Sharma as Company Secretary and Compliance Officer. An EGM is scheduled for August 4, 2025, with a record date of July 28, 2025, to seek shareholder approval for these proposals.
Existing shareholders will see dilution once the shares and warrants are allotted, with the full conversion of warrants potentially adding roughly 11.2 lakh shares to the equity base. The fund raise of around Rs. 36 crore (including the warrant exercise component) brings in new non-promoter investors, which could be a mild positive for liquidity but may weigh on the stock in the short term due to the supply overhang from the preferential pricing.