Preferential Allotment of convertible warrants and equity shares as per attached letter
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Awaiting price reaction for this filing.
The Board of Directors on October 20, 2025 approved a preferential issue comprising 6,69,226 convertible warrants and 9,62,893 fully paid-up equity shares at Rs 129.33 per share (including a premium of Rs 119.33 over the Rs 10 face value). Warrants are allotted to WSG Co., Ltd, South Korea (a non-promoter foreign entity) with 25% of the consideration paid upfront and the balance due within 18 months upon conversion. Equity shares go to four investors, including promoter group firm Remi Finance & Investment (2,67,000 shares) and three non-promoters. The total potential raise is about Rs 21.10 crore (Rs 8.65 crore from warrants and Rs 12.45 crore from shares), and all securities will be subject to SEBI ICDR lock-in requirements.
Existing shareholders will face dilution as new shares and warrants are issued, though the issue price carries a healthy premium over face value. The entry of a foreign strategic investor (WSG Co., South Korea) is a positive confidence signal, while lock-in rules should limit immediate selling pressure from new allottees.