We are submitting herewith Intimation of the Allotment of 16,00,000 (Sixteen Lakh) Equity Shares pursuant to the conversion of warrants under the provisions of SEBI (ICDR) Regulations, ....
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Modern Dairies Limited has allotted 16,00,000 equity shares (face value Rs. 10 each) upon conversion of equivalent warrants by Promoter and Promoter Group entities. The warrants were originally issued at Rs. 50 per share (including Rs. 40 premium) on a preferential basis, and the warrant holders have now paid the balance 75% (Rs. 37.50 per warrant), bringing in Rs. 6 crores in fresh capital. The allottees are Mr. Krishan Kumar Goyal (Promoter) with 4,00,000 shares and Chandigarh Finance Private Ltd (Promoter Group) with 12,00,000 shares. As a result, the company's paid-up share capital has increased from Rs. 26.82 crores to Rs. 28.42 crores. The newly allotted shares will be subject to lock-in as per SEBI ICDR Regulations.
This is a promoter-driven capital infusion, signaling confidence from the existing promoter group in the company. While it dilutes existing shareholders marginally, the fresh Rs. 6 crore strengthens the balance sheet. The shares are under lock-in, limiting immediate supply pressure.