Atmastco revises preferential issue allottees for June 6 EGM
Atmastco Ltd modified the list of 40 allottees for its ₹144.40 crore preferential issue, comprising ₹53.20 crore in equity shares and ₹91.20 crore in warrants, ahead of the June 6 EGM. The Board approved the changes on May 23, 2026, following a review of documents and strategic investor requests. Post-issue promoter holding is expected to decrease to 53.63%.
*this image is generated using AI for illustrative purposes only.
Atmastco Ltd has issued a corrigendum to its Extraordinary General Meeting (EGM) notice, modifying the list of proposed allottees for its preferential issue of equity shares and convertible warrants. The EGM is scheduled for Saturday, June 06, 2026, at 12:30 P.M. IST through Video Conferencing. The Board, at its meeting held on May 23, 2026, approved these modifications based on a review of documents and consideration of additional requests from strategic investors. The total fund raise remains ₹144.40 Crores, comprising ₹53.20 Crores from equity shares and ₹91.20 Crores from warrants.
Revised Preferential Issue Details
The company proposes to issue 35,00,000 fully paid-up equity shares at a price of ₹152 per share, including a premium of ₹142, aggregating up to ₹53,20,00,000. The revised list of 40 allottees includes Subramaniam Swaminathan Iyer (Promoter) and 39 non-promoter investors. The floor price is determined as ₹151.38 per equity share based on the relevant date of Thursday, May 07, 2026.
| Sr. No. | Name of the Proposed Allottee(s) | Category | Share to be allotted (Revised) | Consideration (in ₹) |
|---|---|---|---|---|
| 1. | Subramaniam Swaminathan Iyer | Promoter | 2,00,000 | 3,04,00,000.00 |
| 2. | Raasha Fincap Private Limited | Non-Promoter/Public | 4,95,000 | 7,52,40,000.00 |
| 3. | Samir Arvind Thakker | Non-Promoter/Public | 3,00,000 | 4,56,00,000.00 |
| 4. | Smita Sachin Abhyankar | Non-Promoter/Public | 2,00,000 | 3,04,00,000.00 |
| 5. | Belgrave Investment Fund | Non-Promoter/Public | 2,00,000 | 3,04,00,000.00 |
| 6. | Shalu Aggarwal | Non-Promoter/Public | 2,00,000 | 3,04,00,000.00 |
| 7. | Pankaj Jawaharlal Razdan | Non-Promoter/Public | 1,34,500 | 2,04,44,000.00 |
| 8. | Urja Suresh Shah | Non-Promoter/Public | 1,33,500 | 2,02,92,000.00 |
| 9. | Vinay Jaiprakash Ambekar | Non-Promoter/Public | 1,00,000 | 1,52,00,000.00 |
| 10. | Rakesh Shantilal Sanghavi HUF | Non-Promoter/Public | 1,00,000 | 1,52,00,000.00 |
| 11. | Hiral Kamleshbhai Madiya | Non-Promoter/Public | 1,00,000 | 1,52,00,000.00 |
| 12. | Vishal Karwa | Non-Promoter/Public | 1,00,000 | 1,52,00,000.00 |
| 13. | Barkha Kothari | Non-Promoter/Public | 1,00,000 | 1,52,00,000.00 |
| 14. | Madhusudan Loya | Non-Promoter/Public | 75,000 | 1,14,00,000.00 |
| 15. | N R Agencies Private Limited | Non-Promoter/Public | 70,000 | 1,06,40,000.00 |
| 16. | Business Match Services (India) Private Limited | Non-Promoter/Public | 66,000 | 1,00,32,000.00 |
| 17. | Yash Dedhia | Non-Promoter/Public | 66,000 | 1,00,32,000.00 |
| 18. | Alok Rajesh Nanavaty | Non-Promoter/Public | 66,000 | 1,00,32,000.00 |
| 19. | Jayshree Rajesh Vora | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 20. | Praveen Govandji Maru | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 21. | Kanhav Advisory Private Limited | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 22. | Sushma Toshniwal | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 23. | Vardhman Jain | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 24. | Rajesh Kumar Agarwal | Non-Promoter/Public | 50,000 | 76,00,000.00 |
| 25. | Rahul Hemchand Visaria | Non-Promoter/Public | 35,000 | 53,20,000.00 |
| 26. | Prashant Nanalal Bavishi | Non-Promoter/Public | 35,000 | 53,20,000.00 |
| 27. | Anurag Nigam | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 28. | Dharmesh Ramesh Shah | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 29. | Nageshwarrao Srikrishna Duvvuri | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 30. | Darshana Saumin Shah | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 31. | Aryan Shrenik Shah | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 32. | Meghna H Mehta | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 33. | Upsurge Investment and Finance Limited | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 34. | Bhumish K Shah | Non-Promoter/Public | 33,000 | 50,16,000.00 |
| 35. | Dhaval N Kothari HUF | Non-Promoter/Public | 30,000 | 45,60,000.00 |
| 36. | Malap Dhaval Kothari | Non-Promoter/Public | 30,000 | 45,60,000.00 |
| 37. | Deepika Biyani | Non-Promoter/Public | 25,000 | 38,00,000.00 |
| 38. | Prasad Rajendra Tapadiya | Non-Promoter/Public | 25,000 | 38,00,000.00 |
| 39. | Laxminivas Asawa | Non-Promoter/Public | 25,000 | 38,00,000.00 |
| 40. | Rajesh Sarda | Non-Promoter/Public | 25,000 | 38,00,000.00 |
| Total | 35,00,000 | 53,20,00,000.00 |
Shareholding Pattern and Warrants
The pre-issue promoter holding stands at 66.14% of the total paid-up capital as on March 31, 2026. Post the full subscription and conversion of both equity shares and warrants, the promoter holding is expected to be 53.63%, while public shareholding is expected to rise to 46.37%. The company also proposes to issue 60,00,000 convertible warrants aggregating up to ₹91,20,00,000, exercisable within 18 months from the date of allotment. The modifications to the explanatory statement for Item No. 3 regarding warrants include updates to the shareholding pattern and intent of promoters to subscribe.
Utilisation of Proceeds
The proceeds from the issue are proposed to be deployed for working capital requirements and general corporate purposes. Infomerics Valuation and Rating Ltd has been appointed as the Monitoring Agency.
| S. No. | Particulars | Amount (In Crores) |
|---|---|---|
| 1. | Working Capital for Defence | 77.98 Crores |
| 2. | Working Capital for EPC and Fabrication | 51.98 Crores |
| 3. | General Corporate Purpose | 14.44 Crores |
| Total | 144.40 Crores |
The remote e-voting window opens on Wednesday, June 03, 2026, and closes on Friday, June 05, 2026.
Historical Stock Returns for Atmastco
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.06% | +1.87% | -10.72% | +11.79% | -14.58% | +82.10% |
How will the significant dilution of promoter holding from 66.14% to 53.63% impact the company's future governance and strategic decision-making?
What specific growth opportunities in the Defence and EPC sectors justify the allocation of nearly ₹130 Crores towards working capital?
Given the large warrant component, what is the expected timeline for conversion, and how might the potential equity dilution over the next 18 months affect earnings per share?
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