Board approves Rs 500 crore warrant issue and proposed name change
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The board approved 22.42 crore convertible warrants at Rs 2.23 each for proposed promoters and other investors, worth up to about Rs 500 crore. Investors paid 25 percent, or Rs 12.50 crore; the balance is due for conversion into one Rs 1 share per warrant within 18 months. It also proposed renaming the company Amaxis Global Limited, adding auto and metal businesses, shifting its registered office and putting a related-party deal to shareholders.
Up to Rs 500 crore can strengthen the balance sheet, while conversion may dilute holders. Paid-up capital stays unchanged until conversion.