Announcement under Regulation 30 (LODR)- Receipt of Inprinciple Approval from Stock Exchange for Issue and Allotment of securities on preferential basis
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Subam Papers Ltd has received BSE's in-principle approval to issue and allot equity shares on a preferential basis. The issue comprises 44,09,600 equity shares (face value Rs. 10) to non-promoters at a price not less than Rs. 152 per share. Additionally, 26,32,800 equity shares will be issued to promoters pursuant to conversion of existing warrants at the same floor price of Rs. 152. In total, up to 70,42,400 shares could be allotted, raising approximately Rs. 107 crore at the floor price. The company must now complete allotment and file a separate listing application within the stipulated timelines under SEBI's ICDR and LODR Regulations.
Shareholders may see moderate equity dilution as over 70 lakh new shares are issued. The conversion of promoter warrants is a positive sign of promoter commitment, while the preferential issue to non-promoters could bring in fresh capital but at a price well above face value.