Outcome & Intimation of conversion of 76,00,000 share warrants into 76,00,000 fully paid equity shares on May 11, 2026 enclosed herewith.
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Apex Capital and Finance Ltd has allotted 76,00,000 fully paid-up equity shares of Rs. 10 each upon conversion of an equal number of convertible warrants. The warrants were originally allotted on December 9, 2024, at Rs. 10 per warrant (total issue price Rs. 95 crore). Holders paid 25% upfront and have now paid the remaining 75% to convert. Six promoter entities (including Hillgrow Infoservices, Inscence Developers, Palmtree Infracon, Veteran Infradevelopers, Foster Infrastructure, and Smt. Suchitra) received 55,47,323 shares (73% of the allotment), while seven public allottees received 20,52,677 shares. Paid-up capital has increased from Rs. 5.92 crore to Rs. 13.52 crore. The company states there is no change in control, and all shares are subject to SEBI ICDR lock-in requirements.
The share count has more than doubled, significantly diluting existing shareholders. However, the conversion was expected as it was disclosed upfront, and control remains unchanged. The dilution may put mild downward pressure on the stock price in the near term.