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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Transchem Limited has allotted 6,15,00,000 warrants on a preferential basis at Rs. 75 per warrant, for an aggregate value of about Rs. 461.25 crore. Each warrant gives the holder the right to subscribe to one equity share of Rs. 10 face value within 18 months. The company has already received 25% upfront (Rs. 18.75 per warrant), totalling about Rs. 115.31 crore. All four allottees are non-promoters and currently hold no shares in the company. Bakkt Opco Holdings LLC is the biggest allottee with 4.75 crore warrants, followed by Pishu V Chainani (1.2 crore), JVS Holdings LLP (16 lakh), and Dhawal Mehta (4 lakh). If all warrants are converted into equity shares, these four allottees together would hold 83.40% of the company, with Bakkt alone controlling 64.42%.
This is a major dilution and likely change-of-control event for existing shareholders. If all warrants are exercised, promoter and public shareholding will shrink sharply to just about 16.6%, with Bakkt Opco Holdings LLC becoming the dominant shareholder at 64.42%. Existing shareholders should expect significant value dilution unless the Rs. 75 per share conversion price is well above the current market price.