Outcome of Board Meeting - Allotment of Equity Shares and Convertible Warrants
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Mac Hotels Ltd has approved the allotment of 7,25,133 equity shares at Rs. 45 per share (including Rs. 35 premium) to 15 non-promoter allottees, raising Rs. 3.26 crore. Additionally, the company allotted 45,91,903 fully convertible warrants at Rs. 45 each to 30 allottees (mostly promoter group), with 25% (Rs. 11.25) paid upfront and the remaining 75% payable upon conversion. The warrant holders have up to 18 months to convert each warrant into one equity share. Promoters and promoter group entities received the bulk of warrant allotments (over 41 lakh warrants), while non-promoters received equity share allotments. Post-allotment, the company's paid-up capital stands at Rs. 6.36 crore across 63.56 lakh shares.
This preferential issue will lead to significant dilution when warrants are converted, potentially increasing share count by nearly 72% from current levels. Heavy promoter participation in warrant allotments indicates insider confidence but may concern minority shareholders about control and future dilution.