Allotment of 28,00,000 Convertible warrants in to Equity shares on preferential basis and pursuant to Regulation 30 read with Schedule III of SEBI LODR Regulations, 2015
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Venmax Drugs and Pharmaceuticals has allotted 28,00,000 equity shares after two non-promoter warrant holders exercised their conversion rights. The shares were issued at Rs. 20 each (face value Rs. 10 + Rs. 10 premium), bringing in Rs. 4.20 crore as the balance 75% exercise price. Allottees are Jugal Kishore Bhagat (13,00,000 shares) and Pushpa Bhaju (15,00,000 shares), both non-promoters. The company's paid-up equity capital has risen to Rs. 11.58 crore, comprising 1,15,82,930 shares. Out of the original 1,00,25,000 warrants issued, 36,81,000 warrants are still outstanding for future conversion.
This is a dilution event for existing shareholders, as the share count increased and 36.81 lakh more warrants remain pending conversion. However, it also means the company has raised fresh capital of Rs. 4.20 crore without taking on debt, which is mildly positive for the balance sheet.