Intimation of lapse of 30,09,899 convertible warrants and forfeiture of upfront consideration
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Constronics Infra Ltd has announced that 30,09,899 convertible warrants allotted to 18 allottees on November 4, 2024, have lapsed because the holders did not exercise the conversion option within the 18-month deadline (by May 4, 2026). The warrants were issued at Rs. 110 per warrant on a preferential basis, with Rs. 8.27 crores (25% upfront amount) already received at the time of allotment. This upfront amount is now forfeited as per SEBI ICDR Regulations. None of the warrants were converted to equity shares, and there is no change in the company's paid-up equity share capital.
No immediate impact on share capital or shareholder dilution since the warrants lapsed without conversion. The forfeiture of Rs. 8.27 crores is a loss for the warrant holders but has no direct effect on the company's equity structure or existing shareholders.