Increase in Authorised share capital of the company.
Price
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Awaiting price reaction for this filing.
The Board of Mini Diamonds (India) Ltd approved increasing the authorised share capital from Rs. 24 crore (2.4 crore shares of Rs. 10 each) to Rs. 30 crore (3 crore shares of Rs. 10 each), subject to shareholder approval. The Board also approved issuing up to 60 lakh convertible equity warrants at Rs. 153 per warrant on a preferential basis, potentially raising up to Rs. 91.8 crore. The warrants will be allotted to 27 proposed allottees, most of whom appear to be promoter-related individuals and entities from the Bothra, Bhanderi, and Jain families, who currently hold no shares. Upon full conversion, these allottees would collectively hold about 20.29% of the company. Each warrant is convertible into one equity share, with 25% of the price payable upfront and 75% on exercise, within an 18-month window. An Extra-Ordinary General Meeting has been scheduled for May 13, 2025, to seek shareholder approval.
This is a sizeable capital raise (up to Rs. 91.8 crore) from promoter-linked investors, which signals insider confidence in the business but will dilute existing shareholders by roughly 20% if all warrants are converted. The stock could see some short-term pressure given the dilution, though fresh capital could support future growth.