Issuance of 45,00,000 warrants of face value Rs. 10/- each at an issue price of Rs. 20/- on preferential basis to Ms. Deepa Tracy, Promoter and Managing Director of the Company.
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On the reaction day the stock moved 1.9 pts more than Nifty Microcap 250 and 1.6 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board of Mantra Capital Ltd (formerly Savani Financials Limited) approved issuing 45 lakh warrants to Ms. Deepa Tracy, the company's Promoter and Managing Director, on a preferential basis. Each warrant has a face value of Rs. 10 and an issue price of Rs. 20 (including a Rs. 10 premium), raising a total of Rs. 9 crores. The allottee must pay 50% upfront, with the remaining 50% due on exercising the warrants within 18 months. After full conversion, the company's paid-up share capital will rise to Rs. 41.28 crores, comprising about 4.13 crore equity shares. The move is subject to shareholder and other regulatory approvals.
This is a promoter-led capital raise, which signals insider confidence in the company, but it will dilute existing shareholders once the warrants are converted. Investors should watch for shareholder approval and whether the warrants are eventually exercised.