Hi ManishinLucknow,
Earlier they did issue warrants to promoter and promoter group, which they subsequently cancelled. Later this year, they issued warrants to polus global (PE fund) at 200 each. Polus global is not a promoter group. We asked the president about the rationale of bringing polus global in the company to which their answer was not that comforting. It is very clear that the FII was brought in to market the company and highlight its true value. We should not look at this as a red flag…rather it is a very very green flag.
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