Corporate News
The company is issuing 250,000 Compulsorily Convertible Preference Shares (CCPS) to Manoj Dharamshi Rakhasiya and Dhruv Manoj Rakhasiya, increasing the Rakhasiya family’s ownership stake in the firm. Manoj Rakhasiya will receive 230,000 CCPS, raising his stake to 14.09% from 12.68%, while Dhruv Rakhasiya will receive 20,000, maintaining his stake at 8.53%. The CCPS will convert into equity shares over an 18-month period, with the total post-preferential issue capital estimated at 14,057,000 shares. The transaction, governed by SEBI ICDR Regulations, requires shareholder approval and will result in dilution for existing shareholders, but the company asserts it will not trigger a change in control. The shares will be subject to a lock-in period and held in dematerialized form.