Announcement pursuant to Allotment of Securities by the company
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The Board of Directors approved two preferential allotments on 16 May 2025. First, 48.87 lakh equity shares of face value Rs. 10 were allotted at Rs. 31.41 per share, raising about Rs. 15.35 crore in cash from two individuals (Mr. Arvinder Singh Pasricha and Mrs. Aman Pasricha Balsara) who are currently non-promoters but will become part of the promoter group after the open offer. Second, 93.12 lakh fully convertible warrants were allotted at Rs. 31.41 per warrant, raising about Rs. 29.25 crore from five allottees including the same two individuals and three other non-promoters. After these allotments, the company's paid-up equity share capital increases to Rs. 9.56 crore, comprising 95.61 lakh shares.
The preferential issue will dilute existing shareholders' stakes and signals a change in the promoter group composition through the open offer route. Fresh capital of roughly Rs. 44.6 crore is being brought in by new promoters and investors, which could strengthen the balance sheet but short-term shareholders may see value erosion due to issuance at Rs. 31.41 versus face value of Rs. 10.