Mangal Credit and Fincorp Limited has informed the Exchange regarding allotment of 1550000 securities pursuant to Preferential Issue at its meeting held on August 19, 2025
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Mangal Credit and Fincorp has allotted 15,50,000 equity shares to promoter Mr. Hardik Jain on conversion of equal number of convertible warrants originally issued on a preferential basis in February 2024. The shares were allotted at Rs. 110 each (face value Rs. 10 plus Rs. 100 premium), and the company received Rs. 12.79 crore as the balance 75% consideration. After this conversion, Mr. Hardik Jain's stake in the company rose from 4.23% to 11.26%. The total paid-up equity capital of the company has increased to Rs. 21.11 crore, comprising 2.11 crore shares. All 15.5 lakh warrants stand fully converted with none remaining outstanding.
This brings in Rs. 12.79 crore of fresh capital into the company and shows the promoter's continued commitment and confidence by paying the full conversion price. However, it also results in equity dilution of about 7% for existing non-promoter shareholders, and promoter holding has now meaningfully increased.