Batliboi Approves Rs 22 Crore Promoter Loan Conversion Into Equity

Board approved preferential issue of up to 13,21,585 shares at Rs113.50 to promoter Nirmal Bhogilal for Rs15 Cr loan conversion and 6,10,114 shares on pref-share conversion. Converts promoter debt and pref capital to equity, cutting leverage while raising promoter stake; ~4% dilution at premium to Rs90.31 fair value, subject to shareholder nod. Also appointed Shankaran Vignesh as independent director for 5 years and allotted 29,999 ESOP shares; conversions need class and shareholder approvals, timelines undisclosed.