W S Industries (I) Limited has informed the Exchange regarding 'Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 Revised Disclosures in connection with the Preferential Issue approved at EGM dated 25th July 2025'.
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W.S. Industries has revised its disclosures for a preferential issue following directions from NSE dated 1st August 2025. The issue involves 1.65 crore equity shares and 2.75 crore convertible warrants, with promoters and promoter group subscribing up to Rs. 120 crore (including 40 lakh warrants by Executive Chairman Seyyadurai Nagarajan and 40 lakh by CMK Projects Pvt. Ltd.). The use of proceeds has been narrowed: Rs. 53.70 crore towards repayment of outstanding security deposits (as on 31 March 2025), and partial redemption of 12% NCDs (principal only, not interest) originally issued on 29 March 2022 worth Rs. 35.5 crore, redeemable by March 2029. Interim use of funds is now restricted to bank deposits only. Post-issue promoter holding will drop from 60.80% to 46.54%, with FPI shareholding rising significantly.
Promoters are committing substantial capital, signalling confidence, but their stake will dilute notably post-issue. The clearly defined use of proceeds for repaying security deposits and high-cost 12% NCDs is positive for reducing interest burden, though the NCD principal-only redemption leaves interest obligations outstanding.