Disclosure for Allotment of Equity Shares of the Company through Preferential Allotment.
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Mena Mani Industries has allotted 1,58,59,957 equity shares of face value Re. 1 each at Rs. 8 per share (Rs. 7 premium) on a preferential basis to 21 non-promoter investors, raising about Rs. 12.69 crore. Of these, shares were issued partly for cash and partly for non-cash consideration. The biggest allottees are Kamikaze Tradecom LLP (50.78 lakh shares, 4.27% post-allotment holding), Mohammad Naushad Shaikh (42 lakh shares, 3.53%), Core Inc. (25 lakh shares, 2.15%) and Abdul Memon (12.31 lakh shares, 1.03%), with the rest being smaller individual investors. This is a one-time preferential issuance, not a rights issue or QIP, and the shares are being handed out mostly to new shareholders.
The allotment will dilute existing shareholders as over 1.58 crore new shares enter the market, but the company receives fresh capital (cash plus non-cash assets) of around Rs. 12.69 crore. Shareholders should watch whether the non-cash consideration actually adds value to the business and whether the new investors are long-term holders.