Pramara Promotions Limited Board Approves Allottee Changes for Preferential Issue of Convertible Warrants
Pramara Promotions Limited announced that its Board of Directors, in a meeting held on May 12, 2026, approved the substitution of proposed allottees for Convertible Warrants forming part of its ongoing preferential issue. The changes are effective subject to necessary shareholder and regulatory approvals.The company had previously submitted an outcome of a Board Meeting regarding the raising of funds through the preferential issue on April 21, 2026. The fresh approval on May 12, 2026, concerns the replacement of certain proposed allottees in the proposed preferential issue of Convertible Warrants.
Changes in Convertible Warrant Allotment
The Board approved the replacement of names in the list of proposed allottees. The original allottees and the reasons for the change included:| Proposed Allottee Name | Category | No. of Warrants | Reason for Change |
|---|---|---|---|
| Icpa Health Products Ltd | Non-Promoter | 1,40,000 | Ineligible (due to sale of equity shares) |
| Harsheel Shah | Non-Promoter | 7,000 | Ineligible (due to sale of equity shares) |
| Mahaveerprasad Nandlal Agarwal | Non-Promoter | 20,000 | Due to demise |
| Total | Total | 1,67,000 |
These warrants have been entirely replaced by the following proposed allottees:
| Proposed Allottee Name | Category | No. of Warrants to be Allotted |
|---|---|---|
| Manish Kumar Badola | Non-Promoter | 1,00,000 |
| Divyansh Mehta | Non-Promoter | 28,000 |
| Sangita Prakash Doshi | Non-Promoter | 13,000 |
| Hiloni Piyush Doshi | Non-Promoter | 13,000 |
| Harshida P Doshi | Non-Promoter | 13,000 |
| Total | Total | 1,67,000 |
The company confirmed that all other terms and conditions related to the proposed preferential issue remain unchanged.
Overview of Preferential Issue Details
The overall preferential issue, approved previously, involves two tranches of securities.| Security Type | Maximum Quantity | Issue Price (Per Unit) | Aggregate Valuation |
|---|---|---|---|
| Equity Shares | 13,68,000 | Rs. 365/- | Rs. 49,93,20,000/- |
| Convertible Warrants | 34,92,000 | Rs. 365/- | Rs. 1,27,45,80,000/- |
| Total Estimated Raise | Up to Rs. 1,77,39,00,000/- |
The Company also noted that an upfront amount equivalent to Rs. 31,86,45,000/- (25% of the total issue price) will be called from the proposed allottees upon issuance of the warrants.
Intended Use of Proceeds
The proceeds raised through the preferential issue are planned to be utilized across several core business objectives:| Purpose | Estimated Amount to be Utilized | Tentative Timeline |
|---|---|---|
| Working Capital | 30,00,00,000 | Within 12 months from the date of receipt of funds |
| Acquisition of Land / Land Development Rights | 25,00,00,000 | Within 12 months from the date of receipt of funds |
| Setting up / Expansion of Manufacturing Facilities | 30,00,00,000 | Within 12 months from the date of receipt of funds |
| Purchase of Toolings, Molds and Equipments | 14,25,00,000 | Within 12 months from the date of receipt of funds |
| Strategic Investment | 30,75,00,000 | Within 12 months from the date of receipt of funds |
| Repayment / Prepayment of Borrowings | 5,00,00,000 | N/A |
| General Corporate Purposes and Issue Related Expenses | 42,39,00,000 | N/A |
Management estimates that the entire issue proceeds would be utilized for these objects in phases, within 12 months from the date of receipt of funds.
The Company confirmed that the warrants allotted have a right to convert into equity shares of the face value of Rs. 10/- within a period of 18 months from the date of allotment.
PRAMARA Stock Price Movement
Pramara Promotions Limited shares today slipped by 0.06% to settle at ₹340.5. The equity closed the session with a total trading volume of 43,000 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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