Piccadily Agro Industries has secured an infusion of Rs 50 crore as fresh equity capital after converting warrants into equity of the company from non-promoter investors. In September 2024, the company had allotted 6.72 lakh fully convertible warrants of face value of Rs 744 into one equity share of Rs 10 each at a premium of Rs 734.
The warrant holders were given the option to convert into equity within 9 months from the date of allotment, which is June 9, 2025.
"All subscribers of the said convertible warrants have paid the remaining exercise price of Rs 558 per warrant, being 75% of the issue price (Rs 744) per warrant, before June 9, 2025, and applied for conversion into equity shares of the company."
"Consequently, the Board of Directors at its meeting considered and approved the conversion of the said warrants into fully paid-up equity shares to all the warrant holders," Piccadily Agro Industries informed through a regulatory filing last week.
Piccadily Agro Industries is the largest independent malt manufacturer and seller of malt spirit in India. It owns Indri Single Malt and Camikara rum.
According to the company, this fresh infusion will help strategy of scaling its distillery operations, which include its malt spirit manufacturing capacity and spreading Indian single malts globally.
"The funds will support our ongoing expansion, innovation and brand-building initiatives, particularly in the premium alco-bev category," said Piccadily Agro Industries Chief Executive Officer Natwar Aggarwal.
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