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Retaggio Industries Ltd has allotted 16,95,846 convertible equity warrants at Rs. 26 per warrant, aggregating to about Rs. 4.41 crore, on a preferential basis. The company has already received 25% of the issue price (Rs. 1.10 crore) as application money. Each warrant is convertible into one equity share of Rs. 10 face value with a Rs. 16 premium, exercisable within 18 months. The sole allottee is the promoter entity M/s Retaggio Trading Services LLP. On full conversion, the promoter's shareholding will move from 33.73% to 31.70% on a fully diluted basis.
The preferential allotment to the promoter group will dilute existing public shareholders by about 2 percentage points once warrants are converted. Since the warrants are issued to the promoter and not external investors, this is essentially an internal capital infusion rather than bringing in new money from the market.