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Awaiting price reaction for this filing.
Mid East Portfolio Management Ltd is seeking shareholder approval through a postal ballot (e-voting) for two special resolutions. First, the company proposes to increase its authorised share capital from Rs.10 crore to Rs.27.05 crore, comprising 2.50 crore equity shares of Rs.10 each and 2 lakh preference shares of Rs.100 each. Second, it plans to issue up to 2 crore convertible warrants at Rs.24 per warrant to 37 identified non-promoter individuals and entities on a preferential basis, potentially raising up to Rs.48 crore (including Rs.14 premium per warrant). Each warrant can be converted into one equity share within 18 months, with 25% upfront payment and 75% on conversion. Proceeds will be used for expanding portfolio management and merchant banking (Rs.500 lakh), capital market investments (Rs.2,000 lakh), technology and infrastructure (Rs.500 lakh), working capital (Rs.800 lakh), and general corporate purposes (Rs.1,000 lakh). E-voting runs from June 10 to July 9, 2025, with results expected by July 11, 2025.
Existing shareholders face significant potential dilution — if all 2 crore warrants convert, equity share count could more than double. However, the issue price of Rs.24 is above both the 90-day VWAP (Rs.17.23) and 10-day VWAP (Rs.23.15), providing some downside cushion. The Rs.48 crore raise could support business expansion but may pressure the stock in the short term due to dilution concerns.