Hittco Tools Approves Preferential Issue of Shares & Warrants
Hittco Tools Limited's Board of Directors has approved a preferential issue of up to 59,40,000 equity shares at ₹14.50 per share, aggregating up to ₹8.61 Crore. Additionally, the board approved the issuance of up to 1,00,60,000 convertible warrants. These proposals are subject to shareholder and regulatory approvals. The company also approved alterations to its Memorandum of Association to diversify into hospitality, F&B, vessel leasing, real estate, and stock broking. Furthermore, plans to incorporate a wholly-owned subsidiary in the UAE and make investments in other companies were approved. The preferential issue of equity shares is expected to result in a change of control, potentially triggering open offer requirements under SEBI SAST Regulations.
Key Highlights
- Board approves preferential issue of equity shares and warrants.
- Fundraising target of ₹8.61 Crore via equity share issuance.
- Diversification into hospitality, real estate, and stock broking approved.
- Plans to establish a UAE subsidiary and invest in other companies.
- Potential change of control due to preferential share allotment.
Price Impact
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