Board approves Rs 1.53 Cr preferential warrant issue to promoter

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AI summary

Board approved issue of up to 3 lakh convertible equity warrants to promoter Rahul Sawhney at Rs 51 each (Rs 10 face value plus Rs 41 premium), aggregating about Rs 1.53 crore on a preferential basis. Allotment is subject to shareholder approval. Promoter's stake will rise from 45.63% to 51.15%. An EGM will be convened to seek shareholder approval.

Likely market impact

Promoter stake rises from 45.63% to 51.15% via Rs 1.53 Cr warrant issue, pending EGM approval.