Board allots 23.25 lakh convertible warrants at Rs 172 each to promoters and investors
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Sancode Technologies board approved allotment of 23,25,582 convertible warrants at Rs 172 each on preferential basis, totalling about Rs 40 crore. Warrants convert into equal equity shares within 18 months on 1:1 basis. Allottees include promoter Khushboo Jain (4,65,000 warrants), and non-promoters Aneka LLC (3,70,195 warrants) and Trinity Gate LLC (14,90,387 warrants). Company received about 26 percent of total value as minimum subscription. Post full conversion, Khushboo Jain stake reduces to 21.96 percent while Trinity Gate LLC will hold 19.86 percent.
Dilution ahead: 23.25 lakh potential new shares on full conversion expand capital. Promoter stake falls to 22 percent; two new non-promoters take combined 24.8 percent.