Open Offer14 May 2026, 07:22 pm
Noble Polymers approves ₹12.87 Cr preferential issue, change in control
AI Summary
Noble Polymers Ltd's Committee of Independent Directors has recommended a preferential issue of 22,76,400 equity shares at ₹5 each, totaling ₹1.13 crore, to Mr. Mahesh Alabhai Odedra and Mr. Hiren Rambhai Odedra. These individuals will be classified as promoters. Additionally, the company will allot 2,34,75,735 convertible warrants at ₹5 each, aggregating to ₹11.73 crore, to various proposed allottees. The equity share allotment, representing 26% of the emerging voting capital, triggers an Open Offer under SEBI Takeover Regulations, leading to a change in control and management. The issue price of ₹5 per share/warrant was determined based on a valuation report and includes a control premium.
Key Highlights
- Noble Polymers to issue 22.76 lakh equity shares for ₹1.13 Cr.
- Company to allot 2.34 Cr convertible warrants for ₹11.73 Cr.
- Preferential issue leads to change in control and management.
- New promoters to acquire 26% stake, triggering an Open Offer.
- Issue price of ₹5 per share/warrant includes a control premium.
Price Impact
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