Board approves preferential issue of convertible warrants

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AI summary

The board approved 4 crore warrants at Rs 1 each for non-promoter investors, with 25 percent upfront payment and conversion into one share each within 18 months. The attachment instead lists up to 4.2 crore warrants, including 1 crore for promoter entity Shree Assets Reconstruction Ltd. Full conversion would increase shares from 5.66 crore to 9.86 crore.

Likely market impact

Full conversion could dilute existing holders by about 74 percent and raise promoter ownership from 8.23 percent to 14.87 percent. The filing is inconsistent.