Submission of outcome of the board meeting.
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The board of Novelix Pharmaceuticals approved the allotment of 400,000 equity shares (face value Rs. 10) at Rs. 20 each (including Rs. 10 premium), issued upon conversion of 400,000 warrants held by non-promoter warrant holders. The company received Rs. 60 lakhs (75% of the issue price) from this conversion. Three strategic non-promoter investors received the shares: Arpan Vipin Mantri (200,000), Yellaboina Dhanraj (150,000), and Sudhir Kumar Agarwal (50,000). These warrants were part of the original 15,000,000 warrants allotted on a preferential basis on January 10, 2025. Post-allotment, the paid-up equity capital rose from Rs. 17.215 crore to Rs. 17.615 crore. The board also appointed Mr. Gnana Prakash Gattu as Nodal Officer under IEPF Rules.
This is a partial conversion of previously issued warrants, resulting in a modest equity dilution of about 2.3% (400,000 out of 1,72,15,000 shares). Existing shareholders may experience minor dilution, but the company has gained Rs. 60 lakhs in fresh capital from non-promoter investors showing continued confidence.