Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board approved a preferential issue of 2,51,39,620 equity shares at Rs. 2.55 each (face value Rs. 1, premium Rs. 1.55) to promoter Mr. Ashish P. Patel, towards conversion of an unsecured loan of Rs. 6,41,06,031. The issue price is set per SEBI ICDR Regulation 164, subject to revision based on the registered valuer's report. An EGM is scheduled for December 26, 2025 to seek shareholder approval. Additionally, the board decided to withdraw the previously proposed Rights Issue (originally approved in the October 19, 2024 board meeting).
This is a debt-to-equity swap with the promoter, which reduces the company's loan liability but also expands the promoter's equity stake and dilutes existing minority shareholders. The withdrawal of the earlier Rights Issue removes a potential fund-raising avenue that existing shareholders were expecting.