Raising of funds, by way of creating, issuing and allotting up to 1,13,63,637 (One Crore Thirteen Lakh Sixty Three Thousand Six Hundred Thirty Seven Only) Fully Convertible Warrants Convertible ....
Awaiting price reaction for this filing.
Seshachal Technologies Ltd's board, meeting on March 5, 2026, approved issuing up to 1,13,63,637 fully convertible warrants at Rs. 22 per warrant to 21 non-promoter public category investors, aiming to raise up to Rs. 25,00,00,014 (about Rs. 25 crore). Each warrant is convertible into one equity share of Rs. 10 face value, with 25% of the issue price payable upfront and the balance on conversion within 18 months. Allottees are mostly individuals, HUFs, LLPs, and small firms. Promoters' stake will drop sharply from 33.87% to 1.95% on full conversion, while public holding rises to 98.05%. Shareholder approval will be sought through a postal ballot, with e-voting from March 7 to April 5, 2026.
This is a significant dilution event — on full conversion, promoter holding collapses from about a third to under 2%, giving public investors near-total control. While the Rs. 25 crore infusion strengthens the balance sheet, the heavy dilution and 18-month overhang from unconverted warrants could pressure the stock in the short term. Existing shareholders should review the postal ballot carefully.