Allotment of equity shares on Preferential basis
Price
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Midwest Gold Limited's board has approved the allotment of 4,50,750 equity shares at Rs. 2,000 per share (face value Rs. 10), raising a total of about Rs. 90.15 crore on a preferential basis. Allotments have been made to 35 allottees including promoter Soumya Kukreti (2 lakh shares for Rs. 40 crore) and other promoter group members, along with 33 non-promoter public allottees (one of them being EzResolve LLP). Following this allotment, the company's paid-up equity capital increases from 1,20,47,946 to 1,24,98,696 shares, a dilution of roughly 3.7%. BSE had earlier granted its in-principle approval on March 25, 2026, and the company will now apply for final listing and trading approval.
Existing shareholders face a modest ~3.7% dilution, but the company raises approximately Rs. 90 crore in fresh capital at a substantial premium to face value, which is generally a positive signal. Watch for what the company plans to use these funds for, as the announcement does not disclose the purpose. The very high issue price relative to face value suggests either a low current market price or that these are fresh shares being valued at current/premium market rates.