According to a regulatory filing by the company, the allotment was made at a price of Rs 1,900 per share, including a premium of Rs 1,890 per share, aggregating to a total investment of approximately Rs 10 crore.
After this update, the shares of Knowledge Marine & Engineering Works were trading 5% higher at Rs 2,433.55 on the BSE.
The preferential issue, approved earlier, involved the issuance of a total of 14,21,054 equity shares to multiple non-promoter investors.
Apart from Ashish Kacholia, other notable allottees included Infinity Direct Holdings (4,64,210 shares), Infinity Direct Capital (5,46,316 shares), Infinity Partners II – Direct (2,52,632 shares), Vimana Capital Management LLP (52,632 shares), and Suryashakti Management Services Pvt Ltd (52,632 shares).
The preferential issue was carried out at Rs 1,900 per equity share having a face value of Rs 10, for a total fundraise of Rs 270 crore. Following this issue, the company’s paid-up equity share capital increased from Rs 10.80 crore to Rs 12.22 crore, representing an increase from 1,08,01,000 shares to 1,22,22,054 shares.At the time of allotment, 25% of the warrant issue price is required to be paid upfront, with the remaining 75% payable upon conversion into equity shares. These warrants are subject to a lock-in period as per SEBI regulations.The allotments are subject to listing and trading approvals from the stock exchanges and rank pari-passu in all respects with existing equity shares of the company. The move aims to strengthen the company’s capital base for future expansion and operational requirements.
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