Disha Resources Limited , a company listed on the Bombay Stock Exchange (BSE), has taken a significant step to bolster its financial position. The company's shareholders have approved the issuance of 75,00,000 fully convertible warrants on a preferential basis, a move that could potentially inject INR 18.75 crore into the company's coffers.

Warrant Issue Details

At the company's 30th Annual General Meeting, shareholders gave their nod to the issuance of warrants at INR 25 per warrant. These warrants carry an entitlement to subscribe for an equivalent number of fully paid-up equity shares of the company. The key points of this warrant issue are:

• Total number of warrants: 75,00,000
• Issue price per warrant: INR 25
• Total potential capital raise: INR 18.75 crore
• Conversion period: Within 18 months from the date of allotment
• Payment terms: 25% upfront, remaining 75% before conversion

Investor Allocation

The warrant issue involves 11 specified investors, with Crescent Soft Tech Solutions Pvt. Ltd. emerging as the largest allottee. Here's a breakdown of the top allotments:

Key Appointments and Re-appointments

In addition to the warrant issue, the Annual General Meeting saw several other important decisions:

1. Director Re-appointment: Mr. Shekhar Moreshiya was re-appointed as a Director of the company. Mr. Moreshiya, who was retiring by rotation, will continue his role on the board.

2. Secretarial Auditor Appointment: M/s. Umesh Ved & Associates, a firm of Company Secretaries based in Ahmedabad, has been appointed as the Secretarial Auditors of the company for a term of five financial years. The firm, established in 1998, brings over three decades of experience in corporate management consultancy.

Implications and Outlook

The successful approval of this preferential warrant issue signifies investor confidence in Disha Resources Limited. The capital raised through this issue could provide the company with additional funds for expansion, debt reduction, or other strategic initiatives.

It's worth noting that the warrant holders have the flexibility to convert their warrants into equity shares within 18 months from the date of allotment. This structure allows the company to receive the funds in stages, with 25% paid upfront and the remaining 75% due at the time of conversion.

As Disha Resources moves forward with this capital raising initiative and new appointments, stakeholders will be keen to see how the company utilizes these resources to drive growth and enhance shareholder value in the coming months.

Disha Resources Limited (DRL) has announced a significant move to raise capital through a preferential allotment of equity share warrants. The company's board of directors has approved the issuance of up to 75 lakh equity share warrants, aiming to raise INR 18.75 crores.

Key Details of the Preferential Issue

• Issue Size: Up to 75,00,000 equity share warrants
• Issue Price: INR 25 per warrant
• Total Fundraise: Up to INR 18.75 crores
• Conversion Ratio: Each warrant is convertible into one equity share
• Conversion Period: Within 18 months from the date of allotment

Payment Structure and Conditions

The preferential issue comes with a structured payment plan for investors:

• Upfront Payment: 25% of the total issue price
• Balance Payment: 75% to be paid before conversion of warrants into equity shares
• Forfeiture Clause: If the balance is not paid within the maximum tenure, the amount paid on the warrants will be forfeited

Allocation Details

The preferential allotment will be distributed among 11 specified investors. Here's a breakdown of the top allocations:

Regulatory Compliance and Next Steps

The proposed preferential issue is subject to shareholder approval and complies with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. DRL has confirmed that none of the allottees have sold or transferred any shares in the 90 trading days preceding the relevant date, adhering to regulatory requirements.

Board Meeting Details

The decision was made during a board meeting held on August 26, which commenced at 4:00 p.m. and concluded at 04:50 p.m. The company has duly informed the BSE Limited of this development, in line with its obligations as a listed entity.

This capital raising initiative through preferential allotment of warrants represents a strategic move by Disha Resources Limited to strengthen its financial position. The successful conversion of these warrants into equity shares within the stipulated 18-month period could potentially lead to a significant infusion of funds for the company's growth and operational needs.