Board approves preferential issue worth about Rs 492 crore and merger of IVIS International

Board & Shareholder Meetings View source PDF

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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AI summary

Board approved preferential issue of 3.74 crore shares to non-promoters at Rs 30 each (Rs 112 crore) and 12.67 crore warrants to promoters and non-promoters (Rs 380 crore), totaling about Rs 492 crore. Also approved merger of wholly owned arm IVIS International (no new shares). NRI investment limit raised to 24 percent. Loans up to Rs 150 crore each approved for three subsidiaries. EGM on July 24.

Likely market impact

Significant equity dilution expected from preferential issue and warrants. Capital raise signals growth plans. Subsidiary merger is non-dilutive.