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Transchem Limited's board, at its meeting on November 21, 2025, approved raising the authorised share capital from Rs. 30 crore to Rs. 75 crore (divided into 7.5 crore equity shares of Rs. 10 each), along with a corresponding amendment to the MOA. The board also approved a preferential issue of up to 6.15 crore warrants at Rs. 75 per warrant, potentially raising up to Rs. 461.25 crore, to four non-promoter allottees including Bakkt Opco Holdings LLC, Pishu Chainani, JVS Holdings LLP, and Dhawal Mehta. Each warrant can be converted into one equity share within 18 months of allotment. If all warrants are exercised, these allottees will collectively hold 83.40% of the company (with Bakkt alone at 64.42%), effectively changing control. The board also cleared Section 186 borrowing/lending/investment limits of up to Rs. 250 crore. All items are subject to shareholder approval at an EGM scheduled for December 20, 2025.
Existing shareholders face significant dilution, with the proposed allottees going from 0% to a combined 83.40% post-exercise, implying a likely change in management control. The stock is likely to see sharp volatility around the EGM date and warrant pricing.