Board approves name change to Raj Industries, allots shares and warrants
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Board approved renaming the company from Raj Oil Mills Limited to Raj Industries Limited, subject to MCA and shareholder approvals. It also allotted 10 lakh equity shares at Rs 46 each, raising Rs 4.6 crore from non-promoters on a preferential basis. Additionally, 10 lakh warrants were allotted at Rs 46 each with 25 percent upfront, bringing in Rs 1.15 crore now, with balance payable within 18 months on conversion. Paid-up equity capital increased from Rs 14.99 crore to Rs 15.99 crore.
Minor equity dilution from preferential allotment. Name change hints at a business pivot away from oil milling; await member approval.