Allotment of 1,58,59,957 fully paid-up equity shares of the Company on preferential basis in accordance with Companies Act, 2013 along with rules made thereunder and provisions of Chapter ....
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The board of Mena Mani Industries, at its meeting on 9 March 2026, approved the allotment of 1,58,59,957 fully paid-up equity shares (face value Re. 1 each) on a preferential basis to 21 non-promoter allottees. The issue price is Rs. 8 per share, which includes a premium of Rs. 7, bringing the total consideration to about Rs. 12.69 crore. The consideration is partly in cash (around Rs. 5.04 crore from 18 allottees) and partly other-than-cash (around Rs. 7.65 crore from 3 allottees). The largest non-cash allottees are Kamikaze Tradecom LLP (50.78 lakh shares), Mohammad Naushad Shaikh (42 lakh shares), and Abdul Memon (12.31 lakh shares), while Core Inc. is the largest cash subscriber (25 lakh shares).
This preferential allotment is dilutive for existing shareholders as it expands the equity base. The fact that roughly 60% of the shares are being issued for non-cash consideration (possibly in lieu of loans, services, or asset acquisition) is unusual and may raise questions about the valuation and nature of the non-cash inflows.