EGM of the company to be held on May 13, 2025 through VC.
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Mini Diamonds (India) Limited has called an EGM on May 13, 2025 at 11:00 AM via video conferencing (NSDL-VC) to seek shareholder approval for two special business items. The first is to increase the Authorized Share Capital from Rs. 24 crore (2.4 crore equity shares of Rs. 10 each) to Rs. 30 crore (3 crore equity shares), along with amendments to the Memorandum of Association. The second and more material item is the issue of up to 60 lakh Convertible Equity Warrants on a preferential basis to 27 identified allottees (all from the public category) at Rs. 153 per warrant (including a premium of Rs. 143), aggregating up to Rs. 91.80 crore. Warrant holders must pay 25% upfront and the balance 75% at the time of conversion, with a maximum tenure of 18 months. Notable concentration: the Bhanderi family (4 members) is proposed to be allotted 40 lakh warrants worth Rs. 61.2 crore. The relevant date for floor price calculation is April 11, 2025, with valuation done by an independent registered valuer.
This is a significant potential dilution event for existing shareholders. If all 60 lakh warrants are fully exercised, the company's share count would expand by 25% (60 lakh vs existing 240 lakh authorized), leading to meaningful equity dilution. However, the company stands to raise up to Rs. 91.80 crore in fresh capital, which could be used for business expansion. The stock may see short-term pressure given the large preferential issue at Rs. 153 per share, which essentially signals the company's perceived valuation level. Shareholders should evaluate the use of funds and the identity of allottees before voting.