Pls find attached disclosure under Reg 30 of SEBI (LODR) Regulations, 2015 for your reference.
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Awaiting price reaction for this filing.
Sancode Technologies has allotted 11,11,111 convertible warrants at Rs. 54 each, raising a total of about Rs. 6 crore on a preferential basis. Each warrant is convertible into one equity share (face value Rs. 10) within 18 months. The company has already received 25% of the money (Rs. 1.5 crore); the rest is due on conversion. Two allottees participated: promoter ZNL Startup Accelerator LLP (4,44,444 warrants) and non-promoter North Star Opportunities Fund VCC – Lighthouse Capital (6,66,667 warrants). Post full conversion, the non-promoter fund will hold 12.87% and the promoter group's stake will rise from 36.69% to 37.40%.
The preferential allotment brings in new capital and a new institutional shareholder (North Star Opportunities Fund), which is mildly positive for credibility. However, it also dilutes existing shareholders because 11.11 lakh new shares will eventually be created, and the promoter group's holding increase suggests further equity infusion is planned.