Rights issue
Price
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Awaiting price reaction for this filing.
Titan Intech's board approved the allotment of 45,00,000 equity shares to Parrot Dristi Private Limited on conversion of convertible equity share warrants. The original 4,50,000 warrants were issued at Rs. 55 each (face value Rs. 10 + premium Rs. 45) via preferential allotment. The company has reduced the face value from Rs. 10 to Rs. 1, which is why 45 lakh shares (instead of 4.5 lakh) are now being allotted to deliver the same total value. Separately, Skyline Financial Services has been appointed as the registrar for the company's upcoming Rights Issue, though the terms (price, ratio, size) of this rights issue have not yet been disclosed.
Existing shareholders will see dilution of about 45 lakh new shares from the warrant conversion, and should brace for further potential dilution from the proposed Rights Issue whose terms are yet to be announced. Watch for the rights issue record date and pricing details for the next actionable event.