The board of directors of the company have approved the financials for March 31, 2025 as on May 29, 2025
Awaiting price reaction for this filing.
The board approved audited standalone results for Q4 and FY ended March 31, 2025, with the statutory auditors giving an unmodified (clean) opinion. Revenue from operations was nil for FY25 versus Rs. 11.18 lakh in FY24, and net loss widened to Rs. 12.60 lakh from Rs. 4.06 lakh in FY24; reserves are negative at around Rs. 382.42 lakh. The board approved a preferential issue of 58.74 lakh equity shares and 76.02 lakh optionally convertible debentures (OCDs) at Rs. 16.40 to new promoter allottees, aggregating about Rs. 22.10 crore. Separately, up to 62.83 lakh convertible warrants were approved to public investors at Rs. 39.88, aggregating Rs. 25.06 crore. A share purchase agreement was signed under which acquirers will buy 30.15% from existing promoters, triggering a mandatory open offer to public shareholders and a change in control. Authorized equity capital will be raised from Rs. 10 crore to Rs. 40 crore, and new objects covering blockchain, virtual digital assets and gold investment were added to the company's main objects clause.
Existing shareholders face significant dilution from the combined equity, OCDs and warrants (the full warrants/O CDs alone can issue over 1.4 crore new shares) and an imminent change in promoter/management. The open offer price will be a key reference point for public investors, and the company's pivot into blockchain and crypto-related activities marks a sharp shift away from its current near-dormant industrial operations.