In terms of Regulation 30 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) 2015, we hereby inform you that Board of Directors of the company at ....
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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 4th June 2025, approved raising up to Rs. 48.99 crore by issuing up to 47,57,280 fully convertible warrants on a preferential basis at Rs. 103 per warrant. The warrants are proposed to be allotted to promoter Vikram Sharma (2,37,900 warrants) and 17 non-promoter public category allottees (45,19,380 warrants). Each warrant carries a right to subscribe to one equity share of Rs. 10 face value within 18 months, with 25% of the issue amount payable upfront. The company also approved alterations to its Articles of Association to align with fund-raising plans and will seek shareholder approval via postal ballot, with cut-off date set as May 30, 2025. Assuming full conversion, promoter holding will dilute from 58.30% to 27.44%, while public holding will rise from 41.70% to 73.56%.
The preferential warrant issue will raise up to ~Rs. 49 crore but will significantly dilute existing shareholders, with promoter stake falling sharply post-conversion. Investors should watch for the postal ballot outcome and the eventual conversion, which could weigh on the stock in the short term due to potential dilution.