Intimation of allotment/ conversion of warrants into equity shares
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Rudra Ecovation Ltd has allotted 22,20,000 equity shares (face value Re. 1) at Rs. 48 per share, including a Rs. 47 premium, upon conversion of warrants. The shares were allotted to Shiva Spinfab Private Limited, a promoter-group entity, via preferential allotment, bringing in approximately Rs. 7.99 crore. Post-allotment, the promoter's stake in the company increased from 1.56% (18,10,000 shares) to 3.41% (40,30,000 shares). The company's paid-up equity capital rose from Rs. 11.60 crore to Rs. 11.83 crore, and the new shares will rank equally with existing shares. This conversion is part of the 2,07,65,000 convertible warrants originally allotted on July 11, 2024.
The promoter group's commitment to convert warrants signals confidence in the company. However, the conversion also results in equity dilution for existing shareholders, though the overall impact is moderate given the relatively small size of this tranche.