Outcome of the Board Meeting held on 16-Aug-2025, allotment of 6,67,500 equity shares on a preferential basis.
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The Board of Hari Govind International Limited approved the allotment of 6,67,500 equity shares on a preferential basis on August 16, 2025, following an earlier allotment of 28,57,500 shares on August 14, 2025 — bringing the total preferential issue to 35,25,000 shares. All shares were issued at ₹10 each (face value, i.e. at par) to 13 allottees including two proposed new promoters, raising ₹3.525 crore in total. The paid-up capital of the company has risen from ₹5 crore (50 lakh shares) to ₹8.525 crore (85.25 lakh shares), a ~70% increase in outstanding shares. A share purchase agreement (SPA) for 30 lakh shares and an open offer under SEBI Takeover Regulations are also contemplated, signalling a likely change in control of the company.
Existing shareholders face significant dilution (~70% increase in share count) and a possible change of control, as the proposed new promoters could end up holding over 41% post-issue and SPA completion. The stock may see pressure around the open offer process, though the company is bringing in fresh capital and new management at par value.