Intimation of issue of 9,60,000 Warrants convertible into equal number of Shares on preferential basis
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The Board of Prime Fresh Limited has approved the issue of up to 9,60,000 (Nine Lakhs Sixty Thousand) convertible warrants on a preferential basis, each convertible into one equity share of face value INR 10. The warrants will be issued to a single investor, Mr. Hiren Chandrakant Ghelani, who would hold 50,03,139 equity shares post-allotment. The issue price will be determined by the Finance Committee based on a pricing certificate from the Statutory Auditor (price not yet disclosed). As per SEBI ICDR rules, 25% of the issue price is payable upfront and the remaining 75% before conversion. Warrants must be converted within 18 months from allotment, and the issue is subject to shareholder approval.
This is a small dilution event for existing shareholders (warrants represent about 19% of the investor's post-allotment holding, but the company-wide dilution is modest). The issue price has not been disclosed, so the actual impact on equity value remains unclear. Shareholders should watch for the pricing announcement and shareholder approval outcome.