Yes, Kilburn equity was diluted a lot (~17-18% if I remember right, maybe off a bit), esp in FY23-24 for various fund-raising & ME acq.
For my query, Kilburn management did assure there’ll be no more equity dilution, but with this new binge there’ll be more dilution but not as bad as last FY. Interesting to note, promoters are getting warrants and not direct equity, checking details how these warrant payments are structured over years and if warrant holder can decide not to exercise in future.
While their profits are rising, we can see EPS isn’t rising proportionately as denominator (share count) is also increasing.
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