United Polyfab Gujarat Limited has informed the Exchange regarding Board meeting held on Jun 21, 2025.
UNITEDPOLY · price
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United Polyfab Gujarat's board, meeting on June 21, 2025, approved issuing up to 2.29 crore fully convertible warrants at Rs. 18.25 each to promoters Gagan Nirmalkumar Mittal and Nirmalkumar Mangalchand Mittal, on a preferential basis, aggregating about Rs. 41.89 crore. Each warrant is convertible into one equity share of face value Re. 1 within 18 months, with 25% payable upfront and the balance on exercise. The board also approved raising authorized capital from Rs. 25 crore to Rs. 26 crore to accommodate the issuance. An Extra-ordinary General Meeting has been scheduled for July 19, 2025 to seek shareholder approval for these proposals.
This is a promoter-led capital raise, signalling promoter confidence in the business, but it will dilute existing public shareholders if all warrants are converted. The issue price of Rs. 18.25 is at the SEBI floor price, meaning no premium for existing holders, and warrants carry an 18-month exercise risk for promoters.