We are hereby Submitting the outcome of the Board meeting regarding the allotment of Equity Share on preferential basis.
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Sharpline Broadcast Ltd has allotted 1,18,57,140 equity shares (face value Rs. 10) at Rs. 14 per share (including Rs. 4 premium) on a preferential basis to 4 non-promoter entities, aggregating to about Rs. 16.6 crore. This allotment is being done pursuant to the conversion of existing loans from these allottees into equity — no fresh cash is coming into the company. The allottees are JMD Realtors, MP Infracon, Bundella Fincap, and Sharp Eye Medicare. As a result, the company's paid-up equity share capital rises from Rs. 16.78 crore (1.68 crore shares) to Rs. 28.63 crore (2.86 crore shares), a roughly 70% increase in share count.
Existing shareholders face significant dilution (~70% increase in share count), but the company's debt burden is reduced as loans are converted to equity, strengthening the balance sheet. Since no fresh capital is raised, this is more of a balance sheet restructuring than a fund-raising event.