Increase in Authorised Share Capital of the company From Rs.10,00,00,000/- divided into 1,00,00,000 Equity shares Rs.10/- each TO Rs.25,05,00,000/- divided into 2,50,50,000 Equity Shares ....
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Mid East Portfolio Management's board has approved raising the authorised share capital from Rs. 10 crore (1 crore equity shares of Rs. 10 each) to Rs. 25.05 crore (2.505 crore equity shares of Rs. 10 each), along with an amendment to the Memorandum of Association. The company also approved issuing up to 2 crore convertible equity warrants to 37 non-promoter public-category allottees at Rs. 24 per warrant, potentially raising up to Rs. 48 crore. Each warrant is convertible into one equity share of Rs. 10 face value, with 25% payable upfront and the remaining 75% on exercise within 18 months. The largest allottee is Sellwin Traders Limited (19.7 lakh warrants), followed by Jalpa Brijesh Patel and Vimdip Arcade/Vimdeep Consultancy Pvt Ltd (10.5 lakh each). Shareholder approval will be sought via postal ballot.
The preferential warrant issue at Rs. 24 per share represents a premium over face value (Rs. 10) but its relative pricing vs current market price is not disclosed, and warrants could lead to equity dilution when exercised. Existing shareholders may see their stake diluted once the 2 crore warrants convert into equity shares, though the fresh capital of up to Rs. 48 crore could strengthen the company's balance sheet for future business.