Preferential allotment of shares and promoter warrants
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The board approved the preferential allotment of 678,388 Rs10 face-value shares at Rs602 each to non-promoter investors, generating Rs408,389,576. It also allotted 166,200 warrants at Rs602 each to promoters, each convertible into one share, with a total commitment of Rs100,052,400. The company received the required 25%, or Rs25,013,100, toward these warrants.
The non-promoter issue raises Rs4.08 crore, but 678,388 new shares and 166,200 convertible warrants create dilution risk for existing holders.