Manaksia Coated Metals & Industries Limited has informed the Exchange regarding 'Allotment of Equity Shares consequent to conversion of Warrants of Manaksia Coated Metals & Industries Limited ("the Company")'.
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Manaksia Coated Metals & Industries Limited has allotted 27,65,000 equity shares (face value Re. 1) at Rs. 18 per share (including Rs. 17 premium) to Beacon Stone Capital VCC – Beacon Stone I, a non-promoter investor. These shares were issued upon conversion of an equal number of warrants originally allotted on 11 October 2023 on a preferential basis, with the allottee now paying the balance 75% (Rs. 13.50 per warrant) of the issue price. With this conversion, all 2,24,00,000 warrants from the October 2023 preferential issue have been fully converted and none remain outstanding. Consequently, Beacon Stone Capital's stake in the company rose from 1.93% (15,35,000 shares) to 4.62% (43,00,000 shares), and the company's paid-up equity capital increased by about Rs. 27.65 lakh.
This is a routine warrant-to-equity conversion event with no fresh capital raise — the Rs. 13.50 per share balance was already committed in 2023. Minor dilution risk for existing shareholders is minimal (under 0.3% share count increase), though the non-promoter investor Beacon Stone Capital now holds a slightly larger 4.62% stake, making its future actions worth tracking.