Sheetal Cool Products Limited has informed the Exchange regarding Board meeting held on January 07, 2026.
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Sheetal Cool Products Limited's board, meeting on January 7, 2026, approved raising up to Rs. 28 crore by issuing 8,40,000 convertible warrants at Rs. 317 per warrant, each convertible into one equity share of Rs. 10 face value, on a preferential basis to non-promoters. The total warrant value aggregates to about Rs. 26.628 crores, with four allottees identified (Orbit Financial Capital getting the bulk at 5,40,000 warrants, and three individuals — Amit Sheth, Ashish Sheth, Mamta Sheth — getting 1,00,000 warrants each). Allottees must pay 25% upfront at subscription and the remaining 75% on exercising the warrants, which can be done in tranches within 18 months. An Extra-Ordinary General Meeting (EGM) is scheduled for February 5, 2026, to seek shareholder approval.
This is a dilution event — if all warrants are fully converted, the allottees (currently non-shareholders) would collectively hold about 7.40% of the post-issue equity, slightly diluting existing shareholders. The Rs. 317 issue price (a significant premium to the Rs. 10 face value) suggests promoters believe in the stock's value, though the warrants will only convert into actual capital for the company over time as the balance 75% is paid upon exercise.