The Company has entered into loan agreement with Mr. Jatinbhai Ramanbhai Patel, Non-Executive Director of the company for conversion of unsecured loan into equity subject to approval of ....
Awaiting price reaction for this filing.
Alka India Limited has signed a loan agreement dated February 27, 2026, with Non-Executive Director Mr. Jatinbhai Ramanbhai Patel to convert Rs. 6.75 crore of unsecured loan into equity. Mr. Patel, who was the Successful Resolution Applicant under the IBC process, had originally brought in Rs. 7.25 crore, of which Rs. 50 lakh was already issued as preferential shares in April 2025. The remaining Rs. 6.75 crore will be converted into 45 lakh equity shares at Rs. 15 each (Re. 1 face value plus Rs. 14 premium), subject to shareholder approval at the upcoming AGM. Mr. Patel currently holds 5% in the company.
The conversion will dilute existing shareholders but improve the company's balance sheet by turning debt into equity. The promoter's increased stake signals continued confidence in the business, though the related-party nature of the deal may draw scrutiny from minority investors.