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Misquita Engineering's board approved the allotment of 6,47,000 equity shares (face value Rs. 10) at Rs. 40 per share upon conversion of warrants, aggregating to about Rs. 2.59 crore. The shares were allotted on a preferential basis to two allottees — Thomas C Avinash Misquita (4,87,500 shares) and Gail Lucia Misquita (1,59,500 shares) — both appearing to be promoter-group entities. As a result, the company's paid-up capital increased from Rs. 4.04 crore to Rs. 4.69 crore. The warrants had been originally issued with Rs. 10 paid upfront and the remaining Rs. 30 paid on conversion, and their tenure was within 18 months from allotment.
Existing public shareholders face modest dilution (~16% increase in share count). Promoter-group entities have strengthened their stake by exercising warrants, which is generally viewed as a positive signal of insider confidence in the company.