Certificate from Statutory Auditors- Regulation 169 (4) & (5) of SEBI (ICDR)Regulations 2018
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Vega Jewellers Ltd has allotted 42,90,575 equity shares of face value Rs. 10 each at a price of Rs. 55 per share on a preferential basis, pursuant to the conversion of warrants. The statutory auditor, Sagar & Associates, certified that the company received the balance 75% allotment money of Rs. 17.70 crores by April 10, 2025. Earlier, in December 2024, the company had collected 25% upfront money of Rs. 12.67 crores against an original issue of 92,16,298 warrants, meaning roughly 49.26 lakh warrants were not exercised. The auditor confirmed compliance with SEBI ICDR Regulations, the Companies Act 2013, and verified that no circular flow of funds occurred.
Existing shareholders face equity dilution from the issuance of new shares, though the dilution is smaller than initially anticipated because nearly half the warrants went unexercised. The company has successfully raised capital, strengthening its equity base ahead of any planned expansion or business needs.