Continuous Disclosure under sub-para 2.1 of Para A of Part A of Schedule III of the SEBI (LODR) Regulations, 2015 as amended from time to time for preferential allotment of warrants convertible ....
FUNDRAISE
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MEDIUM RISK
📅 Filed on BSE: 24 Mar 2026, 07:39 PM IST · BSE ID: 35d4aac5-cc74-4538-a835-557ccbffd8a0
View Original BSE Filing (PDF)
💡
In Simple Terms
Viji Finance is planning to raise INR 35.70 Crore by issuing warrants that investors can convert to equity shares within 18 months.
🤖 AI Summary
- Preferential warrant issuance up to 12.75 Crore units convertible into equity shares at INR 2.80 per warrant
- Total issue size INR 35.70 Crore payable in cash, 25% upfront and 75% on warrant exercise
- Warrants convertible into equivalent equity shares within 18 months from allotment date
- Unexercised warrants lapse after 18 months; forfeited consideration retained by company
- Subject to shareholder approval via Extra-Ordinary General Meeting; Board approval obtained March 24, 2026
🔢 Key Numbers — exact figures from BSE filing, not rounded
Warrant units to be issued
12,75,00,000 (Twelve Crores Seventy Five Lacs)
Warrant issue price (inclusive)
INR 2.80/- per warrant
Total issue size
INR 35,70,00,000/- (Rupees Thirty Five Crores Seventy Lacs)
Upfront cash payment
25% of consideration at allotment
Deferred payment on exercise
75% of consideration on warrant exercise
Warrant conversion window
18 months from allotment date
Face value of underlying equity
INR 1/- per share
🏢 How This Affects the Company
Capital infusion of INR 35.70 Crore strengthens financial position and provides liquidity for business expansion or debt reduction. Actual impact depends on utilization of proceeds and warrant exercise timing by allottees.
Company receives INR 35.70 Crore in cash proceeds: 25% (INR 8.925 Crore) immediately upon allotment, remaining 75% (INR 26.775 Crore) upon warrant exercise. Unused warrant consideration is retained by company as forfeiture income.
👥 What This Means For Shareholders
✅
Action Required
Existing shareholders must attend Extra-Ordinary General Meeting and vote on warrant issuance proposal; approval required for fundraise to proceed.
👤
Who Is Affected
All existing equity shareholders face dilution if warrants are exercised into equivalent equity shares. New allottees specified in Annexure I receive warrant subscription rights.
🔍
Management Signal
Management seeks capital infusion to strengthen balance sheet and fund growth initiatives; warrant structure indicates confidence in company valuation and ability to retain forfeiture proceeds.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
EGM outcome and shareholder voting result — confirmation of warrant issuance approval
Annexure I disclosure — investor identities and allotment completion confirmation filing
Warrant exercise notices — track conversion into equity over 18-month window post-allotment
MEDIUM RISK
Warrant structure creates two-stage capital realization risk: upfront 25% INR 8.925 Crore collected; 75% contingent on allottee exercise decisions within 18 months.
💡 Investor Takeaway
Viji Finance proposes raising INR 35.70 Crore via preferential warrant issuance at INR 2.80 per warrant. Structure: 25% cash upfront, 75% on exercise within 18 months. Unexercised warrants lapse; forfeited funds retained. Shareholder approval required.
⚖️ Strengths & Concerns
✅ Positives
- Staged capital inflow: 25% upfront, 75% on exercise provides liquidity flexibility over 18-month period.
- Forfeiture mechanism protects company if warrants unexercised — consideration retained in full after 18 months.
⚠️ Concerns
- Warrant conversion within 18 months creates equity dilution uncertainty — final share count depends on allottee exercise decisions.
- No disclosure of allottee identities in main filing; investor names relegated to Annexure I, limiting pre-approval transparency.