Outcome of Board Meeting held today i.e, 8th April, 2025
Awaiting price reaction for this filing.
Sarda Proteins Ltd's Board has allotted 72,50,000 (72.5 lakh) convertible warrants to 7 non-promoter allottees on a preferential basis at Rs. 115 per warrant (Rs. 10 face value + Rs. 105 premium), totaling about Rs. 20.84 crore. Each warrant can be converted into 1 equity share within 18 months, with 25% (Rs. 28.75/warrant) already received and the remaining 75% (Rs. 86.25/warrant) due upon conversion. The biggest allottee, Onix Renewable Limited, is receiving 70 lakh warrants and will hold 71.76% of the company once these are converted. Six other individual non-promoters are receiving smaller allotments ranging from 10,000 to 1,00,000 warrants. The paid-up share capital does not change immediately since the warrants have not yet been exercised into equity shares.
This brings in fresh capital of around Rs. 20.84 crore for the company, but existing shareholders face significant potential dilution. After conversion, one single non-promoter entity (Onix Renewable Limited) will end up owning roughly 72% of the company, which is a major change in ownership pattern and could influence future decisions.