Outcome of Meeting of Committee of Independent Directors for Proposed Preferential Issue and Change in Control and Disclosure of event or information under Regulation 30 of the Securities ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Committee of Independent Directors of Western Ministil Limited has approved a proposed preferential allotment of 35,00,000 equity shares and 45,00,000 convertible warrants at Rs. 10 per share. The allottees are currently non-promoters but will be reclassified as promoters post-allotment, resulting in a change of control of the company. This preferential issue will be followed by an open offer under SEBI Takeover Regulations. The issue price includes a control premium in light of the change in control. All three independent directors (Paras Chand Jain, Manoj Chaudhary, Gayatridevi Pandey) unanimously assented to the proposal, finding the pricing and terms fair and reasonable.
Shareholders should expect a significant change in control of the company, with new promoters taking over via preferential allotment plus a mandatory open offer. Existing shareholders may receive an opportunity to tender shares in the open offer at a control premium price, which typically supports the stock price in the short term.