Intimation of receipt of revised in-principle approval for issue of 9,60,000 warrants convertible into equal number of shares from stock exchange
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Prime Fresh Limited has received a revised in-principle approval from BSE for issuing 9,60,000 warrants, each convertible into one equity share of Rs. 10 face value, at a price of Rs. 164 per share on a preferential basis to its Promoters. The revision was made because the original approval letter inadvertently stated the issue price as Rs. 162.50 instead of the correct Rs. 164. The total potential capital infusion via this warrant route comes to approximately Rs. 15.67 crore if all warrants are exercised. The company must still complete post-issue listing formalities with the exchange.
This is a promoter-led preferential warrant issuance, signaling promoter confidence and commitment of fresh capital into the company. Once converted, it will lead to equity dilution for existing public shareholders by 9,60,000 shares. The correction in issue price is minor but ensures regulatory accuracy.