Allotment of 34,31,446 Equity Shares of Rs.10 each to the promoter and Promoters group upon conversion of Warrant
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The Board of Directors approved allotment of 34,31,446 equity shares at Rs.159.25 per share (including Rs.149.25 premium) upon conversion of warrants held by promoters. Mr. Vijay Sanghavi received 25,15,723 shares and Mrs. Seema Sanghavi received 9,15,723 shares, totaling Rs.40.98 crore received as the remaining 75% of the warrant issue price. Post-conversion, the company's paid-up capital increased to Rs.71.43 crore with 7,14,26,681 shares. Promoter holding increased from approximately 42.74% to 45.48% after this allotment.
This dilution through warrant conversion increases promoter stake significantly, which could be viewed positively for controlling shareholders but may have minor dilution impact on minority shareholders. The company received Rs.41 crore from the conversion.