10,93,750 Warrants Allotted to Promoter at Rs. 192; 8,20,000 Converted into Equity Shares
Allotment committee allotted 10,93,750 fully convertible warrants at Rs. 192 each (premium Rs. 182) to Promoter-Director Mr. Milind Padole on a preferential basis, adjusting his outstanding unsecured loan to the company.
By ScoutQuest · · 1 min read
- Warrants Allotted
- 10,93,750 fully convertible warrants at Rs. 192 each
- Warrant Premium
- Rs. 182 per warrant
- Warrants Converted to Equity
- 8,20,000 warrants converted into 8,20,000 equity shares
- Paid-up Capital Before
- Rs. 11,85,11,050 (1,18,51,105 shares)
- Paid-up Capital After
- Rs. 12,67,11,050 (1,26,71,105 shares)
What was announced
The allotment committee, acting on a Special Resolution passed by members through Postal Ballot and in-principle approvals from BSE and NSE, allotted 10,93,750 fully convertible warrants to Mr. Milind Manohar Padole, Promoter and Director.
- Issue price: Rs. 192/- per warrant, including a premium of Rs. 182/- per warrant
- Convertible into an equivalent number of equity shares within 18 months from allotment
- Consideration adjusted/set off against the outstanding unsecured loan the allottee had extended to the company
Immediate conversion
On exercise of the conversion option, 8,20,000 equity shares of face value Rs. 10 each were issued at Rs. 192 per share (premium Rs. 182) against conversion of 8,20,000 warrants, again by way of set-off of the unsecured loan.
Capital structure change
- Before: Rs. 11,85,11,050 paid-up capital, 1,18,51,105 equity shares of Rs. 10 each
- After: Rs. 12,67,11,050 paid-up capital, 1,26,71,105 equity shares of Rs. 10 each
How to read it
The issue converts promoter debt into equity rather than bringing fresh cash into the company, reducing an outstanding unsecured loan obligation. Existing shareholders see their proportionate holding diluted by the newly issued shares, and further dilution can follow if the remaining warrants are converted within the 18-month window. Promoter participation at Rs. 192 per share is typically read as promoter commitment.
More numbers
- Warrants allotted10,93,750 Fully Convertible Warrants
- Issue price per warrantRs. 192/- per Warrant
- Premium per warrantRs. 182/- per Warrant
- Conversion window18 months
- Equity shares allotted on conversion8,20,000 Equity Shares
- Face value per shareRs. 10/- each
- Paid-up capital beforeRs. 11,85,11,050/-
- Shares before1,18,51,105 equity shares
- Paid-up capital afterRs. 12,67,11,050/-
- Shares after1,26,71,105 Equity Shares
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