Preferential issue of 1,17,64,705 convertible warrants approved
SUNTECK · price
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The board approved a preferential issue of 1,17,64,705 convertible warrants at Rs 425 each, totalling Rs 49,99,99,625, for seven promoter and non-promoter investors. Investors pay 25% upfront; each warrant converts into one share within 18 months. Shareholder and regulatory approvals are pending. Ajeet Singh was also appointed whole-time director for five years, subject to shareholder approval.
Could raise about Rs 50 crore and add promoter and outside investor funding, but conversion would dilute existing shareholders. Shareholder approval is pending.