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Mizzen Ventures Ltd (formerly Jyothi Infraventures) has allotted 8,10,000 equity shares of face value ₹10 each upon conversion of an equivalent number of warrants. The issue price was ₹52 per warrant, and the company received the balance 75% consideration of ₹3.16 crore (₹3,15,90,000) from the allottee. All warrants were held by a single allottee, Hitesh Natwarlal Kawa, and all outstanding warrants have now been fully converted into equity shares. As a result, the paid-up equity share capital of the company has increased to ₹21.99 crore, comprising 2,19,95,000 equity shares of ₹10 each. The new shares will rank equally with existing shares.
This is the final phase of a previously announced preferential warrant issue, so the dilution is already priced in by the market. The company receives ₹3.16 crore in fresh capital with no further warrant overhang remaining. Shareholders should note the expanded share base (~3.8% increase in share count) but no surprise negative effect is expected.