Approval for allotment of Equity Shares upon Conversion of Preferentially Issued ConvertibleWarrants to Non-Promoters
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The Board approved conversion of 31,00,000 preferentially issued convertible warrants into an equal number of equity shares by non-promoter allottees at Rs. 740 per share (Rs. 1 face value plus Rs. 739 premium), with the balance 65% subscription amount of Rs. 149.11 crores received. Allottees include Choesion MK Best Ideas Sub-Trust (12 lakh), Chartered Finance & Leasing (8 lakh), Manorama Advisors LLP (5 lakh), Shah Kinnari (3 lakh) and Shah Bela (3 lakh). The paid-up equity capital rose modestly to 52,64,48,232 shares from 52,33,48,232 shares, a dilution of under 0.6%. The same board meeting also cleared Q1 FY26 results (standalone PAT of Rs. 634.58 crores, up from Rs. 557.48 crores YoY), acquisition of 49.99% in Thriveni Pellets and 19.40% in Mandovi River Pellets, a public NCD issue of up to Rs. 2,500 crores, and a new wholly owned subsidiary in Dubai (UAE).
The warrant conversion is only mildly dilutive and brings in fresh capital of Rs. 149 crores from existing warrant holders, showing their confidence. The strong Q1 profit growth, strategic acquisitions in the pellets business, NCD fundraising plan, and overseas subsidiary indicate an aggressive expansion and growth strategy.