Revised outcome
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Vaxfab Enterprises has revised its earlier board meeting outcome to correct typographical errors in the number of warrants allotted (2,04,04,372 instead of 2,04,04,371) and in Ms. Hema Hardik Parikh's allocation. The board approved allotment of 2,04,04,372 fully convertible warrants at Rs. 21.02 each (face value Rs. 10) to 50 investors on a preferential basis, convertible into equity within 18 months. Separately, 21,27,689 equity shares were allotted to 41 warrant holders upon conversion of previously issued warrants, raising Rs. 4.47 crore at Rs. 21.02 per share. As a result, the paid-up equity capital has increased to Rs. 10.53 crore, comprising 1.05 crore equity shares of Rs. 10 each.
The conversion of warrants into equity shares is dilutive for existing shareholders, with the share base expanding by roughly 25% on a post-issue basis. For retail investors, the stock may see short-term pressure due to dilution, though the fundraise strengthens the company's equity base.