Outcome of Board Meeting for Allotment of 2,42,29,800 fully Convertible Equity Warrants on a preferential basis.
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The board of Mardia Samyoung Capillary Tubes Company Ltd, at its meeting on February 5, 2026, approved the allotment of 2,42,29,800 (2.42 crore) fully convertible equity warrants to 7 non-promoter allottees on a preferential basis. The warrants are priced at Rs. 13.50 each (face value Rs. 10 plus Rs. 3.50 premium), aggregating to roughly Rs. 32.7 crore in potential inflow. This is the third tranche of the preferential issue, for which shareholders had approved a special resolution on October 29, 2025 and BSE had granted in-principle approval on January 23, 2026. The company has collected the mandatory 25% upfront payment from the allottees, with the balance 75% payable at the time of conversion, which can happen anytime within 18 months. Since only warrants (not shares) have been issued, there is no immediate change in the paid-up equity share capital, but on full conversion each allottee would end up holding around 6.9-7% of the expanded share capital.
This is a potential dilution event for existing shareholders — once the warrants are converted, the equity base will expand significantly and existing shareholders' percentage holding will fall. The warrants were placed with a small group of non-promoter individual investors rather than institutional or public investors, which retail investors should factor in as a sign of concentrated, privately arranged capital raising.