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The Board of Retaggio Industries approved the allotment of 53,04,000 convertible equity warrants at Rs. 26 per warrant, aggregating to Rs. 13.79 crores, on a preferential/private placement basis. The company has received 25% application money (Rs. 6.50 per warrant, totaling Rs. 3.45 crores) from two non-promoter allottees: Urja Ships Private Limited (50,04,000 warrants) and Manish Kumar Badola (3,00,000 warrants). Each warrant is convertible into one equity share of Rs. 10 face value with a Rs. 16 premium, exercisable within 18 months by paying the remaining 75%. Shareholder approval was obtained via EGM and BSE in-principle approval was received on January 8, 2026.
On full conversion, the warrants will dilute existing shareholders by roughly 15.3% on a fully diluted basis, with Urja Ships becoming a notable ~14.43% shareholder. Only Rs. 3.45 crores is received now, with the balance Rs. 10.34 crores dependent on warrant exercise within 18 months, so cash flow benefit is partial and contingent.