OUTCOME OF BOARD MEETING HELD ON 07TH JUNE 2025
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The Board of Directors of Mid East Portfolio Management Ltd, at its meeting on 7th June 2025, approved increasing the Authorized Share Capital from Rs. 10 Crore to Rs. 25.05 Crore (to accommodate the new issuance). The Board also approved raising up to Rs. 48 Crore through a preferential issue of up to 2 crore convertible equity warrants at Rs. 24 per warrant to 37 identified non-promoter public category allottees. The warrants carry a face value of Rs. 10 per underlying share, with a minimum 25% upfront payment and the balance due on conversion within 18 months. Approval from shareholders will be sought through a postal ballot, with Mr. Ankur Gandhi & Associates appointed as scrutinizer for the remote e-voting process. The meeting ran from 2:30 PM to 3:40 PM.
This is a significant equity dilution event - up to 2 crore new shares could be issued, substantially expanding the share count. Existing shareholders should watch for the postal ballot outcome, as conversion of these warrants will dilute their holdings, though the capital raise could strengthen the company's balance sheet for future growth.