Conversion of Warrants into Equity Shares and further release of Bonus Shares kept in reserved upon conversion of warrants into Equity Shares.
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The Board of Shine Fashions (India) Ltd approved the conversion of 1,24,000 warrants into equity shares at Rs. 207/- each (face value Rs. 5, premium Rs. 202), allotted to promoter Anil Zaverchand Mehta. These warrants were originally issued on a preferential basis in September 2024, and the promoter has now paid the balance 75% amount to exercise the conversion. Additionally, 8,68,000 reserved bonus shares (in a 7:1 ratio) kept aside for the warrant allottee have been released upon conversion. As a result, the company's paid-up share capital has increased from Rs. 12.94 crore (2,58,72,000 shares) to Rs. 13.43 crore (2,68,64,000 shares).
This is a routine completion of a previously announced preferential warrant conversion by the promoter, signaling promoter confidence and bringing in roughly Rs. 2.57 crore to the company. Shareholders should note a marginal dilution of about 0.46% from the warrant conversion, with the bonus shares compensating the allottee at a 7:1 ratio.