Rose Merc: preferential issue, FinTech pivot, Rs 10 Cr subsidiary loan
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board approved a preferential issue of 3,00,000 equity shares to Zclus India and 6,06,111 convertible warrants to non-promoters at Rs 90 per share (face value Rs 10, premium Rs 80). Warrants have 18-month tenure with 25% upfront payment. MoA to be altered to add FinTech business (payment aggregator, prepaid payment instruments, payment gateway). New Executive Director Amitkumar Singh appointed as COO of FinTech segment; Santosh Gavade joins as Independent Director. Rs 10 crore unsecured inter-corporate loan sanctioned to 30.01% subsidiary Virtual Gain Technologies. Also, 3,50,000 ESOPs granted to SVP Marketing.
Capital raise funds FinTech pivot but dilutes existing holders via shares and warrants. Rs 10 Cr unsecured loan to subsidiary adds risk.