Allotment of 672041 Fully Convertible Warrants of face value of Rs. 744 convertible into One Equity Share of Rs.10/- each at a premium of Rs 734/-
PICCADIL · price
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Piccadily Agro Industries has converted all 672,041 fully convertible warrants into equity shares, originally allotted on September 9, 2024. Warrant holders paid the remaining 75% of the exercise price (Rs. 558 per warrant) before the June 9, 2025 deadline. Each warrant carried a face value of Rs. 744 (Rs. 10 face value plus Rs. 734 premium), and the total consideration received is approximately Rs. 49.99 crore. As a result, the company's issued and paid-up capital rose from 9,43,39,280 to 9,50,11,321 equity shares. The new shares will rank equally with existing shares for dividends and voting. The warrants were subscribed by non-promoter allottees Neetika Jaipuria and Ruchirans Jaipuria. Additionally, the board approved the appointment of M/s Prince Chadha & Associates as Secretarial Auditors for a five-year term.
The conversion increases the equity base by about 0.71% (dilution is minor), and the company has successfully raised ~Rs. 50 crore from the exercise of warrants. Existing shareholders face only marginal dilution, and the capital infusion strengthens the company's equity base without any debt burden.