Revised outcome of Board meeting held on September 24, 2025
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The company revised its September 24, 2025 board meeting outcome to correct clerical errors. The board approved increasing the authorized share capital from Rs. 29.45 crores to Rs. 80 crores (from 2.94 crore to 8 crore equity shares of Rs. 10 each). It also approved issuing up to 7.25 crore fully convertible equity warrants at Rs. 13.50 per warrant on a preferential basis, potentially raising up to Rs. 97.875 crores. The warrants are convertible into equal number of equity shares within 18 months, with 25% upfront payment and 75% on conversion. Seventeen allottees have been identified, with the largest being Torextron Ventures Private Limited (1.30 crore warrants). An Extra-Ordinary General Meeting has been scheduled for October 29, 2025 via video conferencing to seek shareholder approval for the issuance.
This is a significant dilution event. If all warrants are fully converted, the equity base would expand substantially, reducing existing shareholders' proportional ownership. Shareholders should attend or vote in the October 29 EGM and assess dilution implications, though the Rs. 13.50 warrant price offers a modest premium over face value.