This is in continuation of the earlier outcome submitted for the Board meeting held on 14 May 2025 regarding the issue of equity shares on a preferential basis. This is to inform you that ....
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Hari Govind International Limited has filed a clarification correcting a clerical error in the disclosure annexure related to a preferential issue of 37,75,000 equity shares approved at the board meeting on 14 May 2025. The shares are being issued at ₹10 each (at par, matching face value) to 14 allottees on a private placement basis. Two of the allottees (Shaju Thomas getting 10 lakh shares and Linta P Jose getting 5 lakh shares) are classified as 'Proposed Promoters,' indicating a significant change in the promoter base of the company. The remaining 12 allottees are non-promoters, and post-issue the allottees collectively will hold about 43% of the expanded share capital. All other details of the earlier board outcome remain unchanged.
The preferential issue is priced at par with no premium, meaning existing shareholders face full dilution without any value accretion. With nearly 40% of the new shares going to two proposed new promoters, the company's promoter structure is set to change materially, which could affect governance and control dynamics for current shareholders.