Allotment of Equity Shares pursuant to Conversion of Warrants
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The board of Azad India Mobility Ltd approved allotment of 88,05,000 equity shares at Rs.16 each (face value Rs.10) pursuant to warrant conversion. Allottees are Rashmi Nimesh Joshi (43.25 lakh shares), Dhruvil Nimesh Joshi (15.50 lakh shares, fully converted) and Managing Director Bupinder Singh Chadha (29.30 lakh shares). The company also reported Q1 FY26 standalone net profit of Rs.7.39 lakhs versus a loss of Rs.17.26 lakhs in Q1 FY25, with operating revenue of Rs.769.45 lakhs (up from zero in the year-ago quarter as the mobility business commenced operations). Consolidated net profit stood at Rs.6.76 lakhs. The 64th AGM is fixed for September 26, 2025 and M/s Janki & Associates has been appointed as Secretarial Auditor for five years (FY26 to FY30).
The warrant conversion increases the equity base (paid-up capital rises to Rs.4,049.32 lakhs from Rs.3,517.56 lakhs), leading to dilution for existing shareholders. The turnaround from loss to profit is positive but absolute earnings remain tiny. The fact that the Managing Director is among the allottees makes this a related-party transaction worth noting.