Board approves preferential share issue, director and MOA changes
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved preferential issue of up to 27.30 lakh shares at Rs 42 each (face value Rs 5) to 2 non-promoter investors, raising about Rs 11.47 crore. Uday Narang gets 24.92 lakh shares (11.32 percent post-issue), Kushal Muchhal gets 2.37 lakh. Authorised capital raised from Rs 35 cr to Rs 40 cr. Appointed Deepak Handa as Director and Diksha Tiwari as Company Secretary. Altered MOA to add automotive, metals, defence research. AGM on October 12. Harjeet Singh Arora resigned as Director.
Dilution of about 11.5 percent for existing shareholders. Diversification into automotive and defence brings opportunity but execution risk.