Board okays share capital hike, preferential issues and Ecogenics acquisition
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Board raised authorised capital from Rs 50 Cr to Rs 67 Cr. Approved preferential issue of 1.67 Cr shares to non-promoters at Rs 4.65 (Rs 7.78 Cr) and 3.9 Cr warrants to promoters and non-promoters at Rs 4.65 (Rs 18.13 Cr). Also approved 99.99 percent acquisition of Scotland-based Ecogenics Technologies via share swap by issuing 41.07 Cr shares at Rs 4.65 (Rs 190.995 Cr) to gain indirect 40 percent stake in Liberia's Digit Africa for African expansion. Post-issue promoter holding drops to 11.35 percent.
Heavy dilution from large share issuance. Acquisition target has no operating revenue, so African entry plan may be viewed cautiously by investors.