Mini Diamonds allots 1.11 crore convertible warrants to promoters
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On the reaction day the stock moved 0.3 pts more than Nifty Microcap 250 and 1.0 pts more than its Gems, Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board allotted 1,11,00,000 convertible warrants at Rs 8 each (including Rs 6 premium over Rs 2 face value) via preferential issue on private placement basis to two promoter group allottees - Managing Director Upendra Narottamdas Shah and Executive Director Ronish U Shah - each getting 55,50,000 warrants. Company received the 25 percent upfront subscription amount of Rs 2.22 crore. Remaining 75 percent is payable within 18 months upon conversion into fully paid-up equity shares.
Shows promoter confidence and commitment of capital. On full conversion within 18 months, the 1.11 crore warrants will dilute existing non-promoter shareholders.