NEW DELHI, Jan 6: Pure vegetarian animal healthcare solutions company Ajooni Biotech on Monday said it will raise Rs 45 crore through the issuance of 5 crore convertible warrants at Rs 9 each to promoters, non-promoters, including funds and corporates.
Ajooni Biotech Ltd (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, a company statement said.
The Board of Directors has approved an increase in the company’s Authorised Share Capital from Rs 40 crore to Rs 50 crore with the new shares ranking pari passu with the existing equity shares, according to the statement.
The company will issue up to 5,00,00,000 convertible warrants at an issue price of Rs 9 each, aggregating Rs 45 crore.
These warrants will be allocated to both promoters such as Jasjot Singh, Healthy Biosciences Ltd, and non-promoters, including Al Maha Investment Fund PCC, Minerva Ventures Fund, Veer Energy & Infrastructure Ltd, Gala Finance and Investment Private Ltd.
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, it stated.
The issuance of convertible warrants and increase in share capital demonstrate the company’s commitment to enhancing shareholder value.
Jasjot Singh, MD & CFO, Ajooni Biotech, said in the statement, “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.”
Ajooni Biotech stands as a trailblazer, innovator, and frontrunner in the realm of animal feed production, prioritizing excellence in quality, safety, and production innovation, along with a commitment to delivering exceptional customer service.
With a comprehensive feed range, AJOONI has emerged as a significant player in the animal pure veg feed and pure veg feed supplement.
In FY24, the company has reported revenue of Rs 82.30 crore, EBITDA of Rs 4.43 crore & Net Profit of Rs 2.17 crore. (PTI)
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