Virinchi Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on Jun 27, 2025
VIRINCHI · price
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Virinchi Limited has called an Extraordinary General Meeting (EGM) on June 27, 2025, at 3:30 PM via video conferencing, seeking shareholder approval to issue up to 96,00,000 (Ninety Six Lakh) convertible equity warrants to certain identified non-promoter individuals and entities on a preferential basis. Each warrant is priced at Rs. 25 (including a Rs. 15 premium) and is convertible into 1 equity share of face value Rs. 10, potentially raising up to Rs. 24 crore. Allottees must pay 25% upfront at subscription and the remaining 75% on conversion, with an 18-month window to exercise the warrants. The floor price of Rs. 24.96 per warrant was determined based on the 90-day volume-weighted average price on NSE as of the relevant date of May 28, 2025. Proceeds will be used for working capital needs and general corporate purposes (up to 25%). The largest single allottee is set to receive 50,00,000 warrants, with the remaining 46 lakh warrants distributed among 12 other non-promoter allottees.
If approved and fully converted, the company will issue up to 96 lakh new equity shares, leading to potential equity dilution for existing shareholders. On the positive side, the Rs. 24 crore raise will strengthen the company's working capital position. Shareholders should note the EGM date and exercise their voting rights through remote e-voting (June 24-26, 2025) or during the meeting.