Allotment of 70,000 Equity Shares pursuant to conversion of warrants into Equity Shares.
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Shine Fashions (India) Ltd has allotted 70,000 equity shares to two non-promoter individuals following their conversion of warrants into shares. The warrants were originally issued on a preferential basis on September 11, 2024, at Rs. 207 per warrant (including a premium of Rs. 202 over the face value of Rs. 5). The allottees, Mrs. Sangeeta Pareekh (50,000 shares) and Mr. Vivek Sawhney (20,000 shares), paid the remaining 75% balance amount of Rs. 155.25 per warrant. The total value of this allotment is approximately Rs. 1.44 crore. With this conversion, the company's paid-up equity capital rises to 30,99,000 shares, and 2,59,000 more warrants are still pending conversion.
This is a routine conversion of previously issued warrants and results in a modest dilution (~2.3% increase in share count). The cash inflow of ~Rs. 1.08 crore strengthens the company's equity base. The pending conversion of 2,59,000 additional warrants could cause further dilution in the future.