The Company has forfeited the convertible share warrants issued on 4.11.2024 as per the details provided in the attachment.
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Bannari Amman Spinning Mills has forfeited convertible share warrants issued on 4 November 2024 after three allottees failed to pay the balance subscription amount by the deadline of 3 May 2026. The allottees include promoter Murugan Enterprise Private Limited (32,25,806 warrants) and non-promoters Mrs. Ruchi Gupta (3,00,000 warrants) and Mr. Subhash Phootarmal Rathod (7,00,000 warrants), totalling 42,25,806 warrants. The forfeiture is per Regulation 169(3) of SEBI ICDR Regulations 2018 and was approved by shareholders via Postal Ballot on 4 October 2024. The Board will pass a formal resolution at its upcoming meeting.
The forfeiture means these warrants will not convert into equity shares, preventing potential dilution from these allottees. This is negative for the warrant holders as they lose their subscription investment, but neutral to slightly positive for existing shareholders as no new shares will be issued.