Issuance and allotment of upto 60,00,000 Convertible Equity Warrants to the proposed allottees on preferential basis.
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Mini Diamonds India Ltd's board has approved issuing up to 60 lakh convertible equity warrants on a preferential basis at Rs. 153 per warrant, potentially raising up to Rs. 91.8 crore. The warrants are convertible into one equity share each within 18 months, with 25% payable upfront and the remaining 75% on conversion. The issue price was set as per SEBI's ICDR regulations based on the relevant date of April 11, 2025. The warrants will be allotted to 27 proposed allottees, mostly individuals and one entity (K2 Finventure), with the Bhanderi family members (Kajalben, Tejalben, Prakashbhai, and Ghanshyambhai) receiving the largest allocation of 10 lakh warrants each. All allottees currently hold zero shares, so this will result in fresh equity dilution of about 20.29% on a fully converted basis. The company has also increased its authorized share capital from Rs. 24 crore to Rs. 30 crore to accommodate the issue, subject to shareholder approval at an EGM scheduled for May 13, 2025.
This is a significant equity dilution event for existing shareholders, with up to 20.29% new shares potentially entering the capital on full conversion. The warrants are being issued to a group of mostly unknown individual investors at the regulatory floor price, which may be viewed as concerning by retail investors as it dilutes their holdings without bringing in a clearly marquee institutional investor.