Intimation for allotment of 250000 Equity shares pursuant to conversion of 250000 CCPS
Price
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The Preferential Issue Committee of Shri Gang Industries approved the allotment of 2,50,000 equity shares of Rs. 10 face value each, pursuant to the conversion of an equal number of 0.01% Compulsorily Convertible Preference Shares (CCPS). The conversion price was Rs. 99 per share, meaning a significant premium over face value. All 2,50,000 shares were allotted to Express Infra Financial Consultancy Private Limited, a member of the Promoter & Promoter Group. Post-allotment, the company's paid-up equity share capital rises to Rs. 19.98 crore, comprising 1,99,80,000 equity shares of Rs. 10 each.
This is a routine promoter-group-led capital restructuring with no fresh capital inflow at this stage, as it involves conversion of existing CCPS into equity. Shareholders may see mild dilution, but the promoter group's continued holding signals confidence. The stock price impact is likely neutral as the conversion price was already pre-agreed.