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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Noble Polymers Ltd's Committee of Independent Directors has approved a preferential issue comprising 22,76,400 equity shares and 2,34,75,735 convertible warrants, both priced at Rs. 5/- per unit. The total fund raise is approximately Rs. 12.87 crore. Two individuals, Mr. Mahesh Alabhai Odedra and Mr. Hiren Rambhai Odedra, are proposed to become promoters by acquiring 26% stake through this allotment. This will trigger a change in control and management, requiring an Open Offer under SEBI SAST Regulations. The issue price includes a control premium and has been certified as fair by an independent IBBI-registered valuer. The warrants will not be counted toward voting capital until after conversion, which cannot happen within 18 months of allotment.
This represents a complete change in ownership with new promoters taking control. Existing shareholders may face dilution, and an Open Offer will be mandatory for other shareholders to tender shares at the same price.