Power & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
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Power & Instrumentation (Gujarat) Limited has allotted 2,90,000 equity shares upon conversion of an equal number of convertible warrants at Rs. 83.75 per share (including a premium of Rs. 73.75). The allottees are promoter group entity M/s Power Infra-Cons Pvt Ltd (2,00,000 shares) and non-promoter Ishita Yatin Mota (90,000 shares). Post-allotment, the promoter's shareholding in the company rises from 6.64% to 7.65%. The company had earlier issued a total of 50,96,000 warrants, of which these 2,90,000 are now being converted, with the balance pending conversion.
The conversion increases the promoter's stake, signaling promoter confidence, and adds equity capital to the company. It is mildly dilutive for existing shareholders but reflects commitment of funds at a price above face value.