PNN
Mumbai (Maharashtra) [India], January 8: Ajooni Biotech Limited (NSE: AJOONI), a PURE VEG. animal health care solutions company, has made two strategic decisions aimed at enhancing its financial structure and supporting future growth initiatives. The Board of Directors has approved an increase in the company's Authorized Share Capital from Rs40 Crores to Rs50 Crores with the new shares ranking pari passu with the existing equity shares.
The company will issue up to 5,00,00,000 convertible warrants at an issue price of Rs9 each, aggregating Rs45 Crores. These warrants will be allocated to both Promoters such as Jasjot Singh, Healthy Biosciences Limited, Non-Promoters, including Al Maha Investment Fund PCC, Minerva Ventures Fund, Veer Energy & Infrastructure Limited, Gala Finance and Investment Private Limited. Each warrant is convertible into one equity share, with a conversion ratio of 1:1, at the same price.
These initiatives will strengthen the company's capital base, providing financial flexibility for future growth. The issuance of convertible warrants and increase in share capital demonstrate the company's commitment to enhancing shareholder value.
Commenting on the order, Jasjot Singh, MD & CFO, Ajooni Biotech Limited: "We are pleased to announce strategic initiatives, which are aimed at strengthening our financial foundation and supporting our growth ambitions. The increase in authorized share capital and the issuance of convertible warrants reflects our commitment to enhancing shareholder value and ensuring financial flexibility for our future endeavors. These steps are pivotal in positioning the company for long-term growth and reinforcing our commitment to the animal healthcare sector.
We are confident that these initiatives will help us expand our market presence and build stronger relationships with our stakeholders, driving further success in the coming years."
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