Allotment of 30,74,100 Equity Shares on Conversion of Warrants
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Rajvi Logitrade (formerly Suryakrupa Finance) has allotted 30,74,100 equity shares at Rs. 10 each, aggregating about Rs. 3.07 crore, on conversion of warrants that were originally issued on March 28, 2024 at Rs. 10 per warrant. The allottees include 4 promoter group entities (Jagruti Maulin Acharya, Umaba Rana, Bhavya Rana, and Maulin Acharya HUF) and 6 non-promoter allottees. The largest single allotment of 9,93,325 shares went to Polus Global Fund, giving it a 24.38% post-issue holding. The allotment is on a preferential basis and the new shares will rank pari-passu with existing equity. Post-allotment, the company's paid-up equity capital rises to Rs. 4.07 crore, comprising 40,74,100 shares of Rs. 10 each.
This is the conversion of warrants issued back in March 2024, so dilution was already anticipated by shareholders. However, the entry of Polus Global Fund as a ~24% shareholder is a notable development. Existing shareholders face further dilution, but no fresh cash inflow beyond the warrant exercise price.