Submission of outcome of board meeting held on Tuesday, 24th June, 2025
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The board of Novelix Pharmaceuticals, held on 24th June 2025, approved the allotment of 29,85,000 equity shares upon conversion of an equal number of warrants. Shares were issued at Rs. 20 each (Rs. 10 face value + Rs. 10 premium) to 19 allottees, including one promoter group entity (Narahari Belide - 2,00,000 shares) and 18 non-promoter investors. The company raised approximately Rs. 4.48 crore (Rs. 44,775,000) from this conversion. This is part of a larger 1.5 crore warrant issue originally allotted on 10th January 2025 on a preferential basis. Post-allotment, the company's paid-up equity capital has increased from Rs. 9.95 crore (99.5 lakh shares) to Rs. 12.93 crore (129.35 lakh shares).
The conversion results in an equity dilution of roughly 30% for existing shareholders, as the share count jumps from 99.5 lakh to 129.35 lakh. However, it brings in fresh capital of about Rs. 4.48 crore and signals continued investor confidence, given that warrant holders chose to convert rather than let the warrants lapse.