1. Increase in Authorized Share Capital from Rs. 24,00,00,000/- consisting of 2,40,00,000 to Rs. 30,00,00,000/- consisting of 3,00,00,000 (Three Crore) Equity Shares 2. Issuance and allotment ....
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The Board of Mini Diamonds India Ltd, at its meeting on April 15, 2025, approved increasing the authorized share capital from Rs. 24 crore (2.4 crore equity shares) to Rs. 30 crore (3 crore equity shares). It also approved issuance of up to 60 lakh convertible equity warrants on a preferential basis to 27 identified allottees, at Rs. 153 per warrant, aggregating up to Rs. 91.8 crore. Each warrant is convertible into 1 equity share of Rs. 10 face value, with 25% payable upfront and 75% on exercise within 18 months. The allottees are mostly promoter-related entities and individuals (notably the Bhanderi family members receiving 10 lakh warrants each, along with Bothra, Jain, Dhabuwala, and Kumar family members). Post full conversion, the allottees would collectively hold about 20.29% of the company. An EGM has been scheduled for May 13, 2025 to seek shareholder approval.
Existing shareholders may see dilution of up to ~20% if all warrants are exercised, while promoter-group entities are being brought in with a significant equity infusion. The preferential issue at Rs. 153 per share signals a meaningful capital raise plan, and the share price reaction will depend on how the market views the use of proceeds and the pricing relative to prevailing market price.