STL Networks Board approves ₹108 Cr preferential warrant issue to promoter

STL Networks Ltd's Board of Directors approved a preferential issue of up to 4.5 crore convertible warrants to its promoter, Twin Star Overseas Limited, at ₹24 per warrant, totaling ₹108 crore. Each warrant is convertible into one equity share at a premium of ₹22. The Board also approved amendments to the company's Articles of Association to facilitate the issuance of convertible securities. The preferential issue is subject to shareholder approval via postal ballot. Post-allotment, the promoter's shareholding on a fully diluted basis is projected to increase from 42.91% to 47.73%. The warrants can be exercised over 18 months.