Withdrawal of Issue of 2500000 Fully Convertible Warrants on preferential basis to non promoter category
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Moongipa Capital Finance has withdrawn its planned preferential issue of 25,00,000 fully convertible warrants to non-promoter entities, which was originally approved by the Board on January 20, 2025, at Rs. 30 per warrant (potential raise of about Rs. 7.5 crore). The warrants had received shareholder approval through a postal ballot on March 29, 2025, and in-principle approval had been sought from BSE on February 27, 2025. The Board has decided to scrap the issue citing recent market volatility and weak sentiment that made it difficult for potential investors to commit to fresh issuances. The company has assured shareholders that this withdrawal will not impact its financial stability, operations, or growth plans.
Short-term negative sentiment as the planned capital raise falls through, but the company states it does not need this money urgently. Existing shareholders are not diluted by this issue, though it signals that fundraising conditions are currently unfavorable.