Board approves preferential issue of shares and convertible warrants
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The board approved preferential fundraising of Rs 94.35 crore through 1.3 million shares and 400,000 convertible warrants at Rs 555 each, above the minimum price. The warrants require 25 percent upfront payment and can each convert into one share within 18 months. Shareholders will vote by postal ballot from September 16 to October 15.
Subject to shareholder approval, the issue will raise cash but increase the share count and reduce existing shareholders' ownership percentage.