Allotment of Equity shares pursuant to conversion of Convertible Warrants.
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Awaiting price reaction for this filing.
Vega Jewellers Limited has allotted 47,06,169 equity shares (face value Rs. 10 each) to 37 warrant holders who exercised their convertible warrants at Rs. 41.25 per warrant, bringing in Rs. 19.41 crore. These warrants were originally issued on a preferential basis on December 26, 2024 at Rs. 55 per warrant (Rs. 13.75 upfront + Rs. 41.25 on exercise), with a total issue size of Rs. 50.69 crore covering 92.16 lakh warrants issued to 103 allottees including promoters, promoter group, and non-promoters. As a result, the company's paid-up capital has nearly doubled from Rs. 4.77 crore (47.70 lakh shares) to Rs. 9.48 crore (94.77 lakh shares). A small batch of 43,940 warrants is still pending conversion, and the warrants will lapse if not exercised within 18 months of allotment.
This is a dilution event for shareholders since the share count almost doubled, but the company has already received the funds (Rs. 19.41 crore in this tranche), strengthening its capital base. The new shares will rank pari-passu with existing equity, which may exert short-term price pressure on the stock.