Allotment of 76,50,000 Share Warrants on Preferential Basis convertible into Equity Shares of the Company to Minda Capital Private Limited, a Promoter of the Company
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Minda Corporation has allotted 76,50,000 convertible share warrants to Minda Capital Private Limited, a promoter group entity, on a preferential basis. The warrants carry an issue price of Rs. 550 each (face value Rs. 2 plus a premium of Rs. 548) and are convertible into equal number of equity shares within 18 months. The promoter has already paid 25% upfront, amounting to Rs. 105.19 crore, while the remaining 75% is due at the time of conversion. On full conversion, the promoter's stake will rise from 16.14% to 18.74% on a fully diluted basis. The allotment follows shareholder approval via postal ballot on April 27, 2025, and in-principle approvals from NSE and BSE on May 28, 2025.
This is a promoter-led capital infusion showing confidence in the company's growth, though it is a preferential issue rather than a market QIP. Existing shareholders may see mild dilution once warrants are converted (about 2.6% increase in promoter holding), but no immediate change in paid-up capital since only warrants (not shares) have been issued.