Outcome of Board Meeting for warrant Allotment and Appointment of Director
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The Board of PMC Fincorp approved the allotment of 9 crore Fully Convertible Warrants at Rs. 2.62 per warrant, raising approximately Rs. 23.58 crore on a preferential basis from six non-promoter allottees, including Stellant Securities (2 crore warrants), Subhash Phootarmal Rathod (4.4 crore warrants), and Animax Ventures (1 crore warrants). Following this allotment, the company's fully diluted paid-up equity share capital has increased to Rs. 80.21 crore, comprising about 80.21 crore equity shares of Re. 1 each. The Board also appointed Mr. Puneet Arora (DIN: 03056312), a Chartered Accountant with over 16 years of experience in financial markets, audit, AIFs, and debt syndication, as an Additional Director designated as Executive Director for a 5-year term. Mr. Arora is himself one of the warrant allottees (54 lakh warrants) and is not debarred by SEBI from holding a directors position.
Existing shareholders will see dilution as the warrant conversion significantly expands the equity base; however, the Rs. 23.58 crore infusion strengthens the company's capital. The appointment of a finance professional aligned with capital markets could support growth strategy, though closely watched governance will be important given the dual role of Mr. Arora as both warrant allottee and Executive Director.