Outcome of Independent Director Committee Meeting
Awaiting price reaction for this filing.
The Committee of Independent Directors of Krishna Capital and Securities approved a proposal to allot 3 crore equity shares through a preferential issue at Rs. 20 per share to a non-promoter entity. Two of the proposed allottees — Mr. Ashu Jagmalaram Bishnoi and Mr. Yagnik Bharatkumar Tank — will be reclassified as promoters, resulting in a change in control of the company. The issue price was determined by an IBBI-registered valuer and includes a control premium payable on account of the takeover. The allotment will also trigger an open offer under SEBI Takeover Regulations. Both Independent Directors on the committee voted in favour of the proposal.
This is a significant event for existing shareholders as it involves a change in control of the company. Investors should closely watch the open offer price and related terms, as new promoters are taking over. The stock may see volatility around the completion of the open offer and change in management.