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 at Rs 63.64 each, totaling about Rs 57.59 crores on a preferential basis. Each warrant converts into one equity share (face value Rs 2) within 18 months, with 25 percent payable upfront. Promoter group members (Sunil, Anita, Parth, Devashish Nyati) will get around 25.5 lakh warrants. Non-promoter allottees include several LLPs and individuals. Subject to shareholder approval.
Potential equity dilution over 18 months as promoter and select investors convert warrants into shares. Awaiting shareholder nod.