Board approves preferential issue of convertible warrants worth Rs 57.59 cr
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Swastika Investmart's board approved issuing up to 90.5 lakh convertible warrants on a preferential basis at Rs 63.64 each, totaling about Rs 57.59 crores. Each warrant is convertible into one equity share of Rs 2 face value within 18 months. Allottees include promoters Sunil Nyati, Anita Nyati, Parth Nyati, Devashish Nyati and 14 non-promoter investors. 25 percent of consideration is payable upfront, balance on exercise. Subject to shareholder approval at an EGM.
Potential equity dilution if warrants convert within 18 months. Indicates fund-raising intent and promoter participation, pending shareholder approval at EGM.