Image Source : ScanX
Prospect Consumer Products Ltd approved issuing 7 lakh convertible warrants at Rs 100 each to promoters, raising Rs 70 crore via preferential allotment. The move increases authorized capital to Rs 7.50 Cr ahead of September 26 AGM, strengthening promoter holdings amid growth plans.
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Capital Expansion Plan
Board approved raising authorized share capital from Rs 6.50 Cr to Rs 7.50 Cr by creating 10 lakh equity shares (Rs 10 FV). Warrants carry 18-month exercise period: 25% upfront, 75% on conversion, targeting working capital and operations boost.
Promoter Allocation
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Warrants distributed among key promoters to consolidate control:
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Vimal Sureshbhai Mishra: 2.5 lakh warrants
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Priyanka Vimal Mishra: 2 lakh warrants
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Prakash Mishra: 2.5 lakh warrants
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Post-conversion, Prakash Mishra's stake jumps from 3.32% to 6.35%; others adjust slightly post pending listings.
Key Highlights
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Issue Size: 7 lakh warrants @ Rs 100 (Rs 70 Cr total).
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Capital Hike: Rs 6.50 Cr to Rs 7.50 Cr (+10 lakh shares).
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Timeline: AGM September 26; books closed Sep 20-26.
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Shareholding Impact: Promoter consolidation; Prakash Mishra +3.03%.
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Structure: 25% upfront; 18-month conversion window.
Sources: ScanX Trade
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