Corrigendum to the Notice of Extra-Ordinary General Meeting of the Company held on October 29, 2025.
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Mardia Samyoung Capillary Tubes has issued a corrigendum to its October 29, 2025 EGM notice, reopening e-voting from December 3-5, 2025 for shareholders. The key resolution is for issuance of up to 7,25,00,000 (7.25 crore) Fully Convertible Equity Warrants at Rs. 13.50 per warrant, aggregating up to Rs. 97.88 crore on a preferential basis. Of these, 1,30,90,200 warrants are earmarked for Torextron Ventures (the promoter body corporate), and the remaining ~5.94 crore warrants are to be issued to 16 public non-institutional individuals. The warrants carry a face value of Rs. 10 each, require 25% upfront payment, and are convertible into equity shares within 18 months. Floor price was set at Rs. 13.33 per share by a registered valuer. The entire Rs. 97.88 crore is proposed to be used for working capital requirements.
This is a massive dilution event - the equity base would expand roughly 11 times from about 69.6 lakh shares to 7.95 crore shares on full conversion. Existing public shareholders' percentage holding will shrink sharply while promoter Torextron Ventures' absolute shareholding will grow from 43.88 lakh to 1.75 crore shares but its relative stake will drop from 63% to 22%. The Rs. 97.88 crore working capital raise could be meaningful for a small-cap company, but the heavy dilution is a significant concern for existing minority shareholders.