Shipwaves Online Limited has received board approval to raise funds through a preferential issue of 3,33,20,000 Convertible Warrants. The total issue size amounts to ₹14,99,40,000, with each warrant priced at ₹4.50. These warrants are convertible into one equity share at an issue price of ₹4.50 per share. The proposal requires shareholder approval and is a key step in the company’s financing strategy.
Shipwaves Online Board Greenlights Preferential Warrant Issue
Shipwaves Online Limited’s Board of Directors has officially approved a proposal to raise capital through a preferential issue of Convertible Warrants. This decision, made during a meeting held on September 1, 2026, marks a significant step in the company’s fundraising efforts.
Key Details of the Preferential Issue
The company plans to issue up to 3,33,20,000 (Three Crore Thirty-Three Lakh Twenty Thousand) Convertible Warrants on a preferential basis. The total issue size is set at ₹14,99,40,000 (Rupees Fourteen Crores Ninety-Nine Lakhs Forty Thousand Only). Each warrant will be offered at an issue price of ₹4.50 per Warrant.
Warrant Conversion Terms
Crucially, each warrant is convertible into one fully paid-up Equity Share of the Company. The conversion price for each equity share will be ₹4.50, which includes a premium of ₹3.50 over the face value of ₹1. The conversion is expected to occur within 18 months from the allotment date, subject to payment of the balance consideration.
Proposed Allottees
The warrants are proposed to be allotted to identified persons and entities. These include:
- Mukka Proteins Limited (Promoter Group): 2,93,20,000 Warrants
- Mr. Danish Gafarbhai Panja (Non-Promoter): 20,00,000 Warrants
- Mr. Nelamangala Umesh Mohan Kumar (Non-Promoter): 20,00,000 Warrants
The total proposed allotment stands at 3,33,20,000 Warrants.
Shareholder Approval and Next Steps
This preferential issue is subject to the approval of the Company’s Members through a Special Resolution. The proposal will be presented at the upcoming 11th Annual General Meeting (AGM) scheduled for Wednesday, September 30, 2026. The relevant date for determining the minimum issue price of the warrants was set as Monday, August 31, 2026.
Payment Structure
At the time of subscription and allotment, 25% of the issue price will be payable. The remaining 75% will be payable upon the exercise or conversion of the warrants.
Source: BSE
