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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Shree Marutinandan Tubes' board, meeting on June 4, 2025, approved raising up to Rs. 48,99,99,840 (about Rs. 49 crore) by issuing up to 47,57,280 fully convertible warrants on a preferential basis at Rs. 103 per warrant (face value Rs. 10). Of these, 2,37,900 warrants are earmarked for promoter Vikram Sharma and 45,19,380 warrants for 17 non-promoter public category allottees. Allottees must pay 25% upfront, with the balance payable on conversion within an 18-month window; unexercised warrants will lapse and the upfront amount will be forfeited. The board also approved amending the Articles of Association to include a 'Further Issue of Capital' clause and will seek shareholder approval via postal ballot (cut-off date May 30, 2025). Assuming full conversion, promoter holding will drop sharply from 58.30% to 27.44%, while public shareholding will rise from 41.70% to 73.56%.
The company is set to receive up to ~Rs. 49 crore in fresh capital, strengthening its financial resources. Existing public shareholders face meaningful dilution, and promoter control will be substantially reduced if all warrants are converted. The issue price (Rs. 103) is above the SEBI-determined floor price, but the heavy dilution may weigh on the stock in the short term.