Sheetal Cool Products Limited has informed the Exchange regarding allotment of 840000 convertible warrants pursuant to Preferential Issue at its meeting held on February 26, 2026
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Sheetal Cool Products has allotted 8.4 lakh convertible warrants to four non-promoter allottees at Rs. 317.65 per warrant through a preferential issue on private placement basis. The company received Rs. 6.67 crore as 25% upfront subscription amount, with the balance payable upon conversion. Each warrant is convertible into one equity share of Rs. 10 face value within 18 months (i.e., by August 2027). If fully converted, the allottees will collectively hold 7.4% of the expanded share capital. The largest allottee is Orbit Financial Capital (a partnership firm of the Sheth family) getting 5.4 lakh warrants (4.76% post-issue), while Amit Sheth, Ashish Sheth, and Mamta Sheth each get 1 lakh warrants (0.88% each). Additionally, the board approved appointment of a new secretarial auditor for 5 years, shifting the registered office from Amreli to Ahmedabad, and a postal ballot notice.
This is a dilutive capital raise that could expand the equity base by up to 7.4% once warrants are converted over the next 18 months. Shareholders should note potential dilution risk and watch for the actual conversion events, which will determine the final shareholding impact.