Allotment of Convertible Equity Warrants to Non-Promoter Group on Preferential Allotment Basis
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The Board of New Markets Advisory Limited approved the allotment of 90,00,000 fully convertible equity warrants to non-promoter investors on a preferential basis at Rs. 10 per warrant, totalling Rs. 9 crore. Each warrant is convertible into one equity share within 18 months, with 25% (Rs. 2.25 crore) received upfront and the remaining 75% due at the time of conversion. The warrants were spread across 22 allottees, predominantly individuals along with a few small entities such as Mamta Securities, Spring Trade Mercantile, and Plutus Capital Management LLP. Separately, Ms. Priyanka Moonka was appointed as Company Secretary and M/s. J.P. Chaturvedi and Co. as Internal Auditor.
The Rs. 9 crore preferential issue will lead to potential dilution of existing shareholders once the warrants are exercised over the next 18 months. The highly fragmented list of small individual allottees, with no major institutional or marquee investor, suggests limited positive sentiment impact on the stock.