Allotment of 28,35,150 Equity Shares of Rs.2/- each pursuant to conversion of Share Warrants.
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Awaiting price reaction for this filing.
RIR Power Electronics Ltd has allotted 28,35,150 equity shares of Rs. 2 each to Multitude Growth Funds Limited (formerly AG Dynamic Funds Limited) on conversion of 2,83,515 preferential warrants. The company received the final subscription amount of Rs. 18.18 crore from the allottee. As a result, the allottee's stake in the company has risen from 4.14% to 7.55%. The company's total paid-up equity capital has now increased to about Rs. 15.91 crore, comprising 7.95 crore equity shares.
The warrant conversion is pre-committed and dilutive by nature — existing shareholders' percentage holding will reduce as the share count rises. The increase in institutional stake to 7.55% brings a sizeable investor on board but may be mildly negative for short-term price due to supply expansion.