Allotment of 2,10,00,000 Equity shares of face value Re. 1/- each fully paid up at a premium of Rs. 0.25/-, aggregating to Rs. 1,96,87,500/-, at the ratio of 1:1 - One Equity share for ....
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NHC Foods Ltd has allotted 2,10,00,000 (2.1 crore) equity shares of Re. 1 face value each to non-promoter investor Satyam Shirishchandra Joshi, following his exercise of convertible warrants. The shares were issued at Rs. 1.25 per share, which includes a premium of Rs. 0.25, bringing in roughly Rs. 1.97 crore to the company. The conversion was at a 1:1 ratio, with the allottee paying the remaining 75% of the warrant exercise price. Of the 6.5 crore warrants originally held by the allottee, 2.1 crore have now been converted, leaving 4.4 crore warrants still pending conversion.
This conversion increases the equity share base of NHC Foods, leading to dilution for existing shareholders. The company receives about Rs. 1.97 crore in fresh funds, which is modest in size. Shareholders should note that 4.4 crore additional warrants remain pending and could convert in the future, causing further dilution.