The Board of Directors at their meeting held on April 03, 2025, has approved the raising of funds by way of issuance of Equity shares and convertible warrants by preferential issue on private ....
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POCL Enterprises' Board, at its April 3, 2025 meeting, approved a preferential issue on a private placement basis of up to 30,86,647 equity shares at Rs. 202 per share (face value Rs. 2, premium of Rs. 200), aggregating up to Rs. 62.35 crores. In addition, up to 6,12,288 convertible warrants will be issued at Rs. 202 per warrant, potentially raising another Rs. 12.37 crores; each warrant is convertible into one equity share within 18 months of allotment. Allottees include members of the promoter/promoter group (e.g., Neelam Bansal, Sunil Kumar Bansal, Devakar Bansal) and 64 non-promoter individuals, HUFs, companies, and one fund (Antara India Evergreen Fund Ltd). The Board also approved adopting a restated Articles of Association aligned with Table F of the Companies Act, 2013, to enable issuance of warrants. Shareholders' approval will be sought at an EGM scheduled for April 28, 2025, with e-voting cut-off date of April 21, 2025.
The preferential issue could result in equity dilution for existing shareholders, though promoter-group participation signals insider confidence in the company's prospects. The Rs. 74+ crore potential raise will strengthen the company's capital base, but the actual cash inflow from warrants depends on whether holders exercise the conversion within 18 months.