Marine Electricals (India) Limited has informed the Exchange regarding allotment of 1650000 (Warrants) securities pursuant to Preferential Issue on February 25, 2026
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Marine Electricals has allotted 16,50,000 equity shares (face value Rs. 2 each) on February 25, 2026, following the conversion of convertible warrants that were originally issued on September 10, 2024. The warrants were converted at Rs. 205 per share (including a premium of Rs. 203), with the company receiving the balance 75% amount of Rs. 25.37 crore from the warrant holders. Three allottees participated: promoter entity KDU Enterprises (6,50,000 shares), and non-promoters Aptrans Impex and Bishan Narain Mittal (5,00,000 shares each). The company's paid-up equity capital has increased from 13,82,94,410 to 13,99,44,410 shares, and no warrants remain outstanding for conversion.
This is a pre-planned conversion and the shares rank pari passu with existing equity, so there is no surprise dilution. Promoter KDU Enterprises' stake stays roughly the same (47.45% post vs 47.55% pre), indicating continued promoter confidence. Existing shareholders should note a marginal increase in share count (~1.2% dilution) but no fresh capital is being raised as this was already committed in 2024.