BSE in-principle approval for 5.12 crore equity shares via share swap
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On the reaction day the stock moved 1.7 pts less than Nifty Microcap 250 and 0.7 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tejassvi Aaharam has received BSE in-principle approval to issue 5,11,62,204 equity shares (around 5.12 crore) at Rs. 10 each to non-promoters through a preferential share swap arrangement. The issue price equals the face value, so there is no premium or discount involved. This is a regulatory clearance for an acquisition-style deal where the company will issue its own shares in exchange for assets or shares of another entity. The company still needs to complete the allotment and file a listing application within 20 days.
Share swap deal cleared at regulatory level. Allotment will add 5.12 crore shares, causing dilution for existing holders. No fresh cash inflow.