Investment26 Oct 2026, 05:00 pm
Hittco Tools: ₹8.6 Cr Preferential Issue, ₹14.5 Cr Warrant Issue Planned
AI Summary
Hittco Tools Ltd announced that its Committee of Independent Directors has recommended a preferential issue of up to 59,40,000 equity shares at ₹14.50 per share, aggregating up to ₹8,61,30,000 (₹8.61 Crore). Additionally, the committee approved the issuance of up to 1,00,60,000 convertible warrants at ₹14.50 per warrant, aggregating up to ₹14,58,70,000 (₹14.59 Crore). This preferential issue is expected to trigger an open offer obligation under SEBI (SAST) Regulations due to a change in control, with Mr. Irfan Chapra, Mrs. Reshma Chapra, and Mrs. Mubina Sofia being the proposed acquirers. The issue price was determined based on a valuation report and includes a control premium.
Key Highlights
- Committee recommends preferential issue of equity shares worth ₹8.61 Crore.
- Proposed issuance of convertible warrants to raise ₹14.59 Crore.
- Preferential issue triggers open offer due to change in control.
- Independent Directors deemed issue price fair and reasonable.
Price Impact
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