Vintage Coffee Plans Capital Raise of ₹215.76 Crore through Equity and Warrants

Vintage Coffee and Beverages Limited, formerly known as Spaceage Products Ltd, has announced a substantial capital raising plan through a preferential issue of equity shares and convertible warrants. The proposal was approved during the company’s Board Meeting held on July 4, 2025, as per regulatory filings with BSE and NSE.

Increase in Authorised Share Capital

The Board first approved the proposal to increase the authorised share capital of the company from ₹135 crore to ₹155 crore, subject to shareholder approval.

• Previous authorised capital: ₹135 crore (13.5 crore equity shares of ₹10 each)

• Revised authorised capital: ₹155 crore (15.5 crore equity shares of ₹10 each)

Preferential Allotment of Equity Shares

The Board gave its nod to raise ₹186 crore through the issue of 1.5 crore equity shares at a price of ₹124 per share to non-promoter investors including qualified institutional and non-institutional buyers.

Details of Equity Share Allotment:

• Number of shares: 1.5 crore

• Face value: ₹10 per share

• Issue price: ₹124 per share

• Total size: ₹186 crore

• Allotment basis: Preferential, under SEBI (ICDR) Regulations, 2018

Key Institutional Allottees Include:

Additionally, individual investors, trusts, and corporate bodies such as Tibrewala Body Electronics Ltd, Ekta Credit Private Limited, and Mangal Keshav Capital Ltd are also among the allottees. A total of 45 investors are proposed to be allotted equity shares.

Issue of Convertible Warrants

The company has also approved raising ₹29.76 crore through 24 lakh convertible warrants to be issued on preferential basis to both promoter group entities and non-promoter investors.

Details of Warrant Issue:

• Number of warrants: 24,00,000

• Face value: ₹10 per warrant

• Issue price: ₹124 per warrant

• Total issue size: ₹29.76 crore

• Conversion: Each warrant convertible into 1 equity share within 18 months of allotment

• Upfront payment: 25% at time of allotment; 75% on conversion

Key Warrant Allottees Include:

Individual investors such as Conjeevaram Jawahar, Yarkali Kranthi Kumar, and Dronavalli Sreeya will also participate.

EOGM Scheduled for Shareholder Approval

An Extra-Ordinary General Meeting (EOGM) has been scheduled for July 30, 2025 at 04:05 PM IST, to be conducted via video conferencing. Shareholder approval will be sought for the following:

• Increase in authorised share capital

• Preferential issue of equity shares

• Preferential issue of convertible warrants

Compliance and Monitoring Measures

• Scrutinizer Appointed: M/s Nuren Lodaya & Associates will oversee the e-voting and meeting procedures.

• Monitoring Agency Appointed: Infomerics Valuation and Rating Ltd has been appointed as the monitoring agency, since the fund-raise exceeds ₹100 crore, as required under Regulation 162A of SEBI ICDR Regulations.

• Advisor to Issue: The Board acknowledged Cumulative Capital Private Limited, a Category I Merchant Banker, for advising the fund-raising initiative.

Market Context and Strategic Outlook

The company, a 100% export-oriented unit in the beverages segment, appears to be fortifying its capital base to pursue new opportunities. The proposed capital infusion is expected to strengthen Vintage Coffee’s balance sheet, improve operational leverage, and support potential business expansion or product diversification.

In particular, the participation of institutional investors such as Bandhan Fund, Astorne Capital, and Nuvama signals market confidence in the company’s strategic direction.

Key Financial Takeaways

• Total Fundraising Size: ₹215.76 crore

  • ₹186 crore via equity shares

  • ₹29.76 crore via convertible warrants

• Equity dilution: Approximate post-issue holdings indicate a moderate equity dilution to accommodate the proposed fundraising.

Conclusion

With strong participation expected from institutional and non-promoter investors, Vintage Coffee and Beverages Limited has taken a decisive step to strengthen its financial position. The move aligns with the company's ambitions to scale up its operations and tap into new growth avenues.

Stakeholders and shareholders are now awaiting the outcome of the EOGM on July 30, which will pave the way for this ambitious capital raising exercise.

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