Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015.
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Shukra Pharmaceuticals has allotted 46,43,000 convertible equity warrants to five promoter-group entities and individuals at Rs. 34 per warrant, aggregating to about Rs. 15.79 crore. The allottee details are: Anar Jayeshbhai Patel (5 lakh warrants), Dakshesh Rameshchandra Shah (5 lakh), Anar Project Pvt Ltd (12.35 lakh), Parshva Texchem India Pvt Ltd (12.35 lakh), and Navkar Surgical Gujarat Ltd (11.73 lakh). The company has already received 25% of the consideration (around Rs. 3.95 crore); the remaining 75% (about Rs. 11.84 crore) is payable within 18 months when the warrants are converted into equity shares of Rs. 1 face value. As a result, combined promoter shareholding will rise marginally from 49.73% to 50.26% on a fully diluted basis. No change in paid-up share capital happens right now, since the warrants are yet to be exercised.
This is a promoter-led preferential warrant issue, which signals promoter confidence and brings in upfront cash of around Rs. 3.95 crore, but also carries potential dilution of about 0.53% for existing public shareholders once warrants are converted. Shareholders should watch the 18-month conversion window and the stock's price relative to the Rs. 34 warrant exercise price.