Outcome of Board Meeting
PIGL · price
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The Board of Directors of Power & Instrumentation (Gujarat) Limited approved the allotment of 3,54,339 equity shares at a price of Rs. 83.75 per share (Rs. 10 face value + Rs. 73.75 premium) on March 16, 2026. These shares were issued upon conversion of an equivalent number of convertible warrants on a preferential basis to Promoter and Non-Promoter categories. The warrants were originally part of a larger tranche of 50,96,000 convertible warrants issued on September 21, 2024. Following this allotment, the company's paid-up equity capital increased from Rs. 19.97 crore (1,99,71,030 shares) to Rs. 20.33 crore (2,03,25,369 shares).
This is a warrant-to-equity conversion that increases the share count by about 1.8%, leading to mild dilution for existing shareholders. The conversion at a premium of Rs. 73.75 reflects confidence from promoters and select investors in the company's prospects.