Nitco Limited has informed the Exchange regarding Outcome of Board Meeting held on March 23, 2026.
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Nitco Limited's board, at its meeting on March 23, 2026, approved the allotment of 1,14,00,000 equity shares (face value Rs. 10, premium Rs. 82.25) to promoter and Chairman & Managing Director Mr. Vivek Prannath Talwar upon conversion of warrants at Rs. 92.25 per share. The company received the remaining 75% subscription amount of about Rs. 78.87 crore from this conversion. Following this allotment, the promoter's stake in the company rises from 4.29% to 8.82%, while 1,20,10,000 warrants still remain pending conversion (deadline July 26, 2026). The board also cleared a material related party transaction with M/s. Authum Investments & Infrastructure Limited for FY 2026-27, subject to shareholder approval through a postal ballot (cut-off date March 20, 2026). The newly allotted shares will rank pari-passu with existing equity shares and are subject to applicable lock-in norms.
Existing shareholders face equity dilution as the share base expands, but promoter confidence is reinforced by the promoter pumping in nearly Rs. 79 crore and more than doubling his stake. The pending related party transaction with Authum Investments needs shareholder nod via postal ballot and will be a key governance event to watch.