Board approves ~₹312.15 crore fundraise via preferential issue of equity shares and convertible warrants
Board has approved a ₹312.15 crore fundraise via a preferential issue of equity shares and warrants convertible into equity shares.
By ScoutQuest · · 2 min read
- Total Fundraise Approved
- ₹312.15 crore via preferential issue of equity shares and warrants
- Equity Shares Portion
- ~1.43 crore equity shares at ₹50.50 each (~₹72.05 crore)
- Convertible Warrants Portion
- ~4.75 crore convertible warrants at ₹50.50 each (~₹240.11 crore), each convertible into one equity share
Board approves a ₹312.15 crore preferential fundraise
The board of the company has approved raising ₹312.15 crore through a preferential issuance of equity shares and warrants convertible into equity shares. The issuance is subject to shareholder approval and other applicable approvals.
The proposed issuance
- ~1.43 crore equity shares at ₹50.50 per share, aggregating ~₹72.05 crore.
- ~4.75 crore convertible warrants at ₹50.50 per warrant, aggregating ~₹240.11 crore.
- Each warrant can be converted into one equity share, following allotment, on the applicable terms and conditions.
How the warrants work
- A warrant is not a share today; it is a right to take a share later.
- Because conversion happens after allotment, the equity that comes from the warrant portion builds up in stages rather than at one point.
Where the money is proposed to be used
- Up to ~₹125 crore for acquiring a company with a digital lending platform.
- Up to ~₹75 crore for acquiring a company with a gold loan business.
- Other earmarks include onward lending for MSME loans and general corporate purposes.
Who is subscribing
- The issue includes proposed allottees for equity shares and proposed allottees for convertible warrants, across promoter and public categories.
- The company states the proposed fundraise will not affect the promoters' shareholding, as fresh capital has been infused by the promoters.
Effect on capital
- The company states that, after the fundraise, its share capital is expected to increase in a phased manner.
- Issuing fresh equity shares and warrants that convert into shares increases the number of shares in issue over time; investors generally track this when a company raises fresh capital.
Why the release is marked revised
- This press release is submitted in supersession of an earlier press release on the same subject.
- The revision follows the update of a corrigendum to the outcome of the board meeting at which the fundraise was approved.
Points the company itself flags
- The fundraise and the acquisitions described remain subject to the requisite approvals and applicable regulatory requirements.
- The acquisitions are proposed; they are part of the intended use of the money being raised.
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More numbers
- Board-approved fundraise amount₹312.15 crore
- Proposed equity shares1,42,66,412 equity shares
- Issue price per equity share and per warrant₹50.50 per share
- Equity shares aggregate~₹72.05 crore
- Proposed convertible warrants4,75,46,030 convertible warrants
- Convertible warrants aggregate~₹240.11 crore
- Earmarked to acquire a company with a digital lending platform~₹125 crore
- Earmarked to acquire a company with a gold loan business~₹75 crore
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