Batliboi Ltd Approves Preferential Issue of Equity Shares

Batliboi Ltd's Board of Directors has approved a preferential issue of up to 13,21,585 equity shares at ₹113.50 per share to convert an unsecured loan of ₹15 Crore from promoter Nirmal Bhogilal. Additionally, the board approved varying the terms of 6,92,480 preference shares held by Mr. Bhogilal to make them compulsorily convertible into equity shares, leading to a preferential issue of up to 6,10,114 equity shares. The issue price of ₹113.50 per equity share is higher than the independently determined fair value of ₹90.31. The company also approved the appointment of Mr. Shankaran Rajaram Vignesh as an Additional Director (Non-Executive Independent Director) for five years. Katalyst Advisors acted as transaction and implementation advisors.