Outcome of the Board Meeting held on today i.e., on 13th August, 2025 in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) ....
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The board approved allotment of 88.80 lakh share warrants (out of 179.80 lakh total approved) convertible into equity shares to six members of the promoter group (Dugar family), at a price of Rs. 87.15 per share (Rs. 10 face value + Rs. 77.15 premium). The company has received 25% upfront consideration of about Rs. 19.35 crores for these warrants, with the balance due within 18 months upon conversion. If all 179.80 lakh warrants are eventually converted, the total potential capital raise works out to roughly Rs. 156.70 crores. The paid-up equity capital will not rise now and will increase only when the warrants are actually converted into shares. The issue price of Rs. 87.15 was re-computed under SEBI ICDR Regulation 164(3) and is significantly higher than the Rs. 36 originally proposed in the March 2025 board meeting, because the stock had not completed 90 trading days at the relevant date.
This is a promoter-group-led capital infusion commitment rather than a market-facing fundraise, so there is no immediate dilution for existing public shareholders. The higher-than-originally-planned issue price (Rs. 87.15 vs Rs. 36) reflects regulatory pricing rules and signals confidence from promoters at current market levels, though actual equity dilution is deferred up to 18 months.