the Board has decided that the total size of the preferential issue of Fully Convertible Equity Warrants stands reduced from 84,05,92,30 Warrants to 83,64,25,60 Warrants, on the same terms ....
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Shish Industries Limited has reduced the size of its proposed preferential issue of Fully Convertible Equity Warrants from 84,05,92,30 warrants to 83,64,25,60 warrants. This reduction follows the removal of one proposed allottee, Mr. Sanjaykumar Chaturbhai Bhadani, who was to receive 4,16,670 warrants but failed to submit the required Depository Transaction Statement from his broker (ICICI Bank) evidencing his pre-preferential shareholding as locked-in, as mandated under SEBI regulations. The Board confirmed that all other terms and conditions of the issue remain unchanged and that the rights of the remaining allottees are unaffected.
Minor reduction in the size of the equity dilution from the preferential issue by about 4.16 lakh warrants. The overall fund-raising plan and terms remain intact, so the impact on existing shareholders is limited to a slightly smaller dilution than originally proposed.