Master Trust Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Awaiting price reaction for this filing.
Master Trust Limited has filed its quarterly Reg. 32(1) compliance statement confirming no material deviation in the use of proceeds from its preferential issue of 28,50,000 convertible warrants priced at Rs. 350 per warrant, aggregating to Rs. 99.75 crore. Of this, 7,00,000 warrants (Rs. 24.5 crore) have been fully exercised and converted into equity shares — 3,12,500 allotted on 26 June 2024 and 3,87,500 on 20 August 2024. The funds received so far have been fully utilized for the stated objects: working capital, business expansion, and general corporate purposes. The remaining 21,50,000 warrants (75% balance of ~Rs. 75.19 crore not yet called) are pending exercise within 18 months of allotment.
This is a routine quarterly compliance filing reporting no deviation in fund usage, so no negative signal for shareholders. However, 21,50,000 warrants are still pending conversion, which if fully exercised will create an additional 1,07,50,000 equity shares (post the Oct 2024 stock sub-division), meaning significant future equity dilution is still pending.