Allotment of Equity Shares upon conversion of warrants
SGMART · price
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Awaiting price reaction for this filing.
SG Mart Ltd (formerly Kintech Renewables) has allotted 1,27,000 equity shares (face value ₹1 each) to two non-promoter/public allottees upon conversion of 6,350 warrants. The warrant holders paid the balance 75% of the issue price at ₹3,750 per warrant, bringing in ₹2.38 crore to the company. This follows an earlier allotment of 7,23,000 fully convertible warrants in November 2023 at ₹5,000 per warrant. The conversion ratio became 20:1 (from 1:1) due to a sub-division of face value from ₹10 to ₹1 and a 1:1 bonus issue. As a result, the company's paid-up share capital has risen to ₹11.24 crore, comprising 11,23,82,000 equity shares. The new shares will rank pari-passu with existing shares.
This is a minor dilution event for existing shareholders, adding 1.27 lakh shares (small relative to the 11.24 crore total shares). The company receives ₹2.38 crore in fresh capital, and since the allottees are non-promoters, promoter holdings are unaffected. Stock price may see slight pressure due to increased share count, though the impact is negligible given the scale.