Board approves warrants issue and share swap to acquire Success Electronics
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Board approved issuing 8,11,000 convertible warrants at INR 144 each (about INR 11.67 crore, for cash) to promoter group entities and one public investor. Also approved issuing 21 lakh equity shares at INR 144 (about INR 30.24 crore) via share swap to acquire 100 percent of Success Electronics Pvt Ltd, an EV and auto aluminium component maker. Deal is a related party transaction as promoters hold stakes in Success. Success reported INR 9.47 crore revenue for FY26. EGM to be convened.
Significant equity dilution from warrants and swap shares. Acquisition adds EV aluminium component business; Success becomes wholly owned subsidiary. Related party deal may invite shareholder scrutiny.