We hereby inform you that the Fund raising committee of the Company in their meeting held today considered and approved the allotment of equity shares, on conversion of 5000000 warrants ....
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Vishal Fabrics Ltd's Fund Raising Committee approved the conversion of 50 lakh (5 million) warrants into an equal number of equity shares on April 23, 2025. The warrants were exercised by Multitude Growth Funds (formerly AG Dynamic Funds Limited), a non-promoter public-category investor, on a preferential basis at Rs. 30.60 per share (face value Rs. 5). The company received the balance 75% payment of Rs. 11.475 crores (at Rs. 22.95 per warrant), with the allottee's 25% already paid at the time of original warrant allotment in September 2024. Post-allotment, the allottee holds a 2.47% stake, and the company's paid-up equity capital has risen to Rs. 101.30 crores comprising 20.26 crore shares. Another 4.5 crore warrants remain outstanding and may be converted within their 18-month tenure.
Existing shareholders face a dilution of about 2.47% from this tranche, with potential further dilution if the remaining 4.5 crore warrants are also converted. The Rs. 11.475 crore infusion strengthens the company's equity base without adding debt, though the stock may see mild supply pressure from the newly issued shares.