Please find enclosed herewith Notice of the Extraordinary General Meeting for your reference.
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Awaiting price reaction for this filing.
Royal Sense Limited has called an Extraordinary General Meeting on May 16, 2025 (at 12:30 PM, via video conferencing) to seek shareholder approval for issuing up to 4,00,000 convertible equity warrants on a preferential basis at Rs. 251 per warrant, potentially raising up to Rs. 10.04 crore. Each warrant can be converted into one equity share of Rs. 10 face value, with an 18-month exercise window. The largest allottee is Rishabh Arora (likely a promoter) receiving 2,50,000 warrants (about 63% of the issue), with the remaining 1,50,000 warrants spread across 25 non-promoter individuals. Warrant holders must pay 25% of the price upfront and the balance 75% at the time of conversion. Proceeds are earmarked for working capital needs (Rs. 7.53 crore within 12 months) and up to 25% for general corporate purposes. The company, listed on BSE with scrip code 544143, is relatively new (incorporated in 2023).
If approved, this preferential issue will dilute existing shareholders' stake as up to 4 lakh new shares can eventually be created upon warrant conversion. The promoter group stands to strengthen its holding (Rishabh Arora alone gets a large chunk), which could be positive for long-term alignment but may concern retail investors about concentrated control and dilution once warrants are exercised.