STL Networks to Issue ₹108 Cr Convertible Warrants to Promoter

STL Networks Ltd's Board of Directors approved the preferential issue of up to 4.5 crore convertible warrants to its promoter, Twin Star Overseas Limited. Each warrant is priced at ₹24, aggregating to a total issue size of ₹108 crore. Each warrant is convertible into one equity share of face value ₹2 at a premium of ₹22. The warrants can be exercised within 18 months from allotment. This move, which requires shareholder approval, will increase the promoter's stake from 42.91% to 47.73% on a fully diluted basis post-allotment. The Board also approved amendments to the company's Articles of Association to facilitate the issuance of such securities.