Conversion of 7,68,000 warrants
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Awaiting price reaction for this filing.
The board approved conversion of 7,68,000 warrants into an equal number of equity shares of face value ₹10 each, at an issue price of ₹30 (₹10 face value + ₹20 premium). The allottees paid ₹1,72,80,000, which is the remaining 75% balance of the warrant issue price. Two non-promoter investors — Ravi Ashok Kothari (2,56,000 shares) and Garima Suhas Khabiya (5,12,000 shares) — received the allotment in cash. Post-allotment, the company's paid-up equity capital increased to ₹15,48,31,600, comprising 1,54,83,160 fully paid-up shares. Still pending conversion are 70,00,000 promoter warrants and 12,12,000 non-promoter warrants, which could lead to further share issuance in the future.
The share count has expanded by roughly 5.2% due to this tranche of warrant conversion, resulting in mild dilution for existing shareholders. A much larger pool of warrants (over 82 lakh shares worth) is still pending conversion, which could cause additional dilution if and when they are exercised.