Outcome of the meeting of Preferential Allotment Committee held today for allotment of 27,85,000 equity shares of Rs. 2 each upon conversion of pending warrants issued to promoter and non ....
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Swastika Investmart's Preferential Allotment Committee approved the conversion of 5,57,000 outstanding warrants into 27,85,000 equity shares of Rs. 2 each at Rs. 62.20 per share (including a Rs. 60.20 premium). The company received Rs. 12.99 crore as the remaining 75% balance amount from the allottees. Three promoters — Parth Nyati, Devashish Nyati, and Anita Nyati — along with non-promoter Share India Algoplus Private Limited, took part in the conversion. Following this, the promoter group's stake has risen from 55.02% to 59.88%, while non-promoter holding dropped from 44.98% to 40.12%. The paid-up capital increased to Rs. 4.02 crore, consisting of 2,00,98,500 equity shares. With this allotment, all 10,60,000 warrants originally issued in December 2023 stand fully converted.
This is a completion of a previously disclosed capital raise, with no fresh dilution for existing public shareholders beyond what was already signalled. The increased promoter holding to nearly 60% strengthens insider control but also signals promoter confidence, since Nyati family members have paid Rs. 12.79 crore to convert their warrants.