Hit Kit Global Solutions Limited has successfully completed the allotment of 50,00,000 equity shares through the conversion of convertible warrants. This third tranche of warrant conversions under the preferential allotment framework has increased the company's paid-up capital to ₹10.78 crore, with a total of 5.39 crore shares now outstanding.

Warrant Conversion Details

The allotment was executed pursuant to the special resolution passed by shareholders on May 24, and the in-principle approval received from BSE Limited dated June 3. The conversion follows the regulatory framework under SEBI (ICDR) Regulations, 2018, where warrant holders initially paid 25.00% of the allotment price at subscription and have now paid the remaining 75.00% to exercise their conversion rights.

Shareholding Impact

Glimmer Enterprise Private Limited emerged as the primary beneficiary of this warrant conversion, significantly increasing their stake in the company. The allotment has resulted in a substantial change in their shareholding pattern, with their ownership increasing by 8.72 percentage points.

Enhanced Capital Structure

Following this allotment, the company's paid-up equity share capital has increased to ₹10.78 crore, divided into 5,39,00,000 equity shares of ₹2.00 face value each. The newly issued equity shares rank pari-passu with existing equity shares, providing equal rights and privileges to all shareholders.

Regulatory Compliance and Exercise Period

The warrant conversion process adheres to SEBI regulations, with warrant holders having an 18-month exercise period from the original allotment date of June 17. Any unexercised warrants beyond this timeframe will lapse, and the amounts paid by warrant holders will be forfeited by the company. The allotment was completed in full compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as confirmed by Company Secretary Khushboo Doshi.

Hit Kit Global Solutions Ltd. has seen a significant change in its shareholding structure as Prakash Shah and his associate Suman Prakash Shah increased their stake in the company.

Key Highlights

• Prakash Shah and Suman Prakash Shah acquired 10,09,789 shares, representing 2.07% of the company's equity.
• The acquisition was made through open market purchases across various dates.
• Their combined shareholding increased from 9.09% to 11.16% following the transaction.

Transaction Details

Company Information

• Hit Kit Global Solutions Ltd. has an equity capital of 4.89 crore shares with a face value of Rs. 10 each.
• The acquisition was made through open market purchases.

This increase in shareholding by Prakash Shah and his person acting in concert Suman Prakash Shah represents a significant development for the company. The additional 10,09,789 shares acquired represent a 2.07% stake in Hit Kit Global Solutions, bringing their combined shareholding from 9.09% to 11.16%.

Investors should note that changes in shareholding structure do not necessarily indicate immediate changes in the company's operations or strategy. It is advisable to conduct thorough research and consider various factors before making investment decisions based on this information.