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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Transchem Ltd has allotted 6,15,00,000 (6.15 crore) warrants on a preferential basis at Rs. 75 per warrant, with a total potential value of around Rs. 461.25 crore. Each warrant can be converted into one equity share of Rs. 10 face value within 18 months. The company has already received the mandatory 25% upfront payment of Rs. 18.75 per warrant, totalling about Rs. 115.31 crore, from four non-promoter allottees. The key allottee is Bakkt Opco Holdings, LLC (a US-based entity), which alone is being allotted 4.75 crore warrants and would hold around 64.42% of the company once these warrants are fully converted into shares. Existing shareholders will be diluted to just 16.60% post-conversion. No new equity shares have been issued yet — only warrants — so there is no immediate change in paid-up capital.
This is a significant change-of-control event: a single US-based entity (Bakkt Opco Holdings) is set to become the majority shareholder. Expect substantial equity dilution over the next 18 months, with existing shareholders reduced to a minority stake. The deal brings in Rs. 115 crore of fresh funds now, but the full Rs. 461 crore will only flow in once warrants are actually exercised.