Intimation for issue of shares on Preferential Basis subject to the approval of shareholders.
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Awaiting price reaction for this filing.
At its August 29, 2025 meeting, the board of Shri Gang Industries approved several capital-raising and governance actions. The key items include: (1) a preferential issue of up to 7,50,000 fully convertible warrants at Rs. 99 per warrant (totalling about Rs. 7.43 crore) to promoter-group member Varun Gupta, convertible into equity within 18 months; (2) issuance of 7,50,000 sweat equity shares at Rs. 99 each to Varun Gupta in recognition of his contributions over the past two years; and (3) a preferential issue of up to 13,13,131 compulsorily convertible preference shares (CCPS) at Rs. 99 each (totalling about Rs. 13 crore) to promoter-group entity Express Infra Financial Consultancy, specifically to convert outstanding unsecured loans into equity. The board also re-appointed Whole Time Director Arun Kumar Sharma for two years, designated Varun Gupta as Senior Management Personnel, and appointed a new secretarial auditor. All preferential issues are subject to shareholder approval at the 36th AGM on September 30, 2025.
All preferential allotments are directed at promoter and promoter-group entities, which signals promoter commitment but will dilute public shareholders' stake. The CCPS issue effectively converts about Rs. 13 crore of promoter loans into equity, strengthening the balance sheet and increasing promoter holding. Overall, expect minor dilution upon conversion, with the stock likely to react based on market price relative to the Rs. 99 issue price.