Allotment of 1218000 Equity shares of the face value of Rs. 10 each on preferential basis on conversion of 1218000 warrants on receipts of remaining amount from the allottees
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Novateor Research Laboratories has allotted 12,18,000 equity shares at Rs. 28 each (face value Rs. 10, premium Rs. 18) on a preferential basis, following the conversion of an equal number of warrants originally issued in December 2023. This raised approximately Rs. 3.41 crore from 28 allottees, including promoter Navdeep Subhashbhai Mehta (72,000 shares) and the largest non-promoter allottee Jitin Jaysukhlal Doshi (300,000 shares). The company's paid-up capital increased from Rs. 4.83 crore to Rs. 6.05 crore. Alongside, the audited FY25 results show revenue rising to Rs. 325.31 lakhs (from Rs. 169.26 lakhs) and net profit of Rs. 8.18 lakhs (from Rs. 2.93 lakhs). The auditor issued a qualified opinion citing four repetitive qualifications related to non-compliance with AS-2 (inventory valuation), AS-15 (gratuity), AS-17 (segment reporting), and IPO expense amortisation.
Existing shareholders face dilution as the share count rose by about 25%; the promoter's stake fell from 29.56% to 24.80%. The Rs. 3.41 crore infusion strengthens the balance sheet and was already partly reflected in the cash flow statement. However, the auditor's qualified opinion flags persistent accounting standard deviations that investors should monitor.