Bannari Amman Spinning Mills Limited has informed the Exchange about Forfeiture
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Bannari Amman Spinning Mills has announced the forfeiture of 42,25,806 convertible share warrants that were issued on 4 November 2024. The allottees failed to pay the balance subscription amount by the deadline of 3 May 2026. The largest chunk comprises 32,25,806 warrants held by promoter Murugan Enterprise Private Limited, while non-promoter allottees Mrs. Ruchi Gupta (3,00,000 warrants) and Mr. Subhash Phootarmal Rathod (7,00,000 warrants) also failed to pay. The forfeiture is being done under SEBI ICDR Regulations 2018 and will be formalised at the upcoming Board meeting.
The company avoids potential equity dilution from these warrants since they will not be converted. However, the promoter's failure to pay the balance amount could signal financial strain or disagreement with the warrant terms.