Manaksia Coated Metals & Industries Limited has informed the Exchange about General Updates
MANAKCOAT · price
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Manaksia Coated Metals & Industries Limited has allotted 8,00,000 equity shares (face value Re. 1 each) at an issue price of Rs. 65 per share (including a premium of Rs. 64), following the conversion of 8,00,000 warrants by promoter group members Karan Agrawal (4,00,000 shares) and Tushar Agrawal (4,00,000 shares). The company received the balance 75% amount of Rs. 3.9 crores (Rs. 48.75 per warrant) upon this conversion. Post-allotment, the company's paid-up equity capital has increased to Rs. 10,66,34,050, comprising 10,66,34,050 equity shares of Re. 1 each. The newly allotted shares will rank pari-passu with existing shares. Additionally, 20,00,000 warrants remain outstanding for conversion within 18 months.
This is a promoter-driven capital infusion, signalling confidence from insiders, but it also results in equity dilution for existing shareholders. The Rs. 3.9 crore inflow strengthens the company's capital base, though remaining warrant conversions could lead to further dilution in the future.