Intimation regarding in-principle approval letter for issuance of 9,60,000 warrants convertible into equal number of Equity shares
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Prime Fresh Limited has received in-principle approval from BSE for issuing 9,60,000 warrants, each convertible into one equity share of Rs. 10 face value. The warrants will be allotted to the promoters on a preferential basis at a price of not less than Rs. 162.50 per share, implying a total potential fund raise of around Rs. 15.6 crore. This is a regulatory milestone — the company still needs to complete the allotment, file a listing application within 20 days of allotment, and comply with SEBI ICDR rules. The BSE has also advised the company to strengthen internal controls and take undertakings from allottees to prevent any non-compliant trading ahead of allotment.
This signals promoter confidence and a likely capital infusion into the company, which is generally positive. However, once the warrants are exercised and converted into equity shares, existing public shareholders will see their stake diluted by the additional 9.6 lakh shares.