Allotment of Equity Shares pursuant to conversion of warrants
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Swojas Foods Ltd has converted 20,00,000 convertible warrants into 20,00,000 fully paid equity shares of Rs. 10 face value each. The conversion was done at an issue price of Rs. 16.50 per share (including a premium of Rs. 6.50), with the remaining 75% exercise price of Rs. 12.375 per warrant being paid by the warrant holder, aggregating to Rs. 2,47,50,000. The sole allottee is Vicky R Jhaveri HUF, a non-promoter entity, who holds 33,32,000 warrants in total and retains 13,32,000 warrants for future conversion. Consequently, the company's paid-up equity share capital has increased from Rs. 36.66 crore (3.66 crore shares) to Rs. 38.66 crore (3.86 crore shares), and the new shares will rank pari-passu with existing equity shares.
This is a dilution event for existing shareholders as the share count rises by about 5.5% (from 3.66 crore to 3.86 crore shares), bringing in an additional Rs. 2.47 crore into the company. The remaining 13.32 lakh warrants with the same holder could lead to further dilution if converted in the future.