Outcome of Finance Committee Meeting for allotment of 9,60,000 warrants convertible into equal number of equity shares
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Prime Fresh Limited's Finance Committee approved the allotment of 9,60,000 convertible warrants at Rs 164 per warrant, aggregating to approximately Rs 15.74 crore. The warrants were allotted to promoter Mr. Hiren Chandrakant Ghelani on a preferential basis, with 25% of the subscription amount already received upfront. There is no immediate change to the company's paid-up share capital since these are warrants and not equity shares yet. The warrants can be converted into equal number of equity shares within a maximum tenure of 18 months from the date of allotment. The allotment follows a postal ballot resolution passed by members on May 15, 2025, and BSE's in-principle approval dated May 27, 2025.
This promoter-led capital infusion signals insider confidence in the company. There is no immediate dilution for existing shareholders, but conversion of these warrants within 18 months could increase the promoter's stake and lead to equity dilution for other shareholders going forward.