This has reference to the in-principle approval letter dated 28th May 2024 received by the Company pertaining to the allotment of 4,00,00,000 warrants to Mr Asif Khader, Promoter- Director ....
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Cranes Software International has approved the conversion of 4 crore warrants into equity shares that were originally allotted to Mr Asif Khader, the Promoter-Director, in June 2024. The decision was taken at the Board meeting held on 9th December 2025 after the company received the balance exercise payment from the promoter. The original in-principle approval for warrant allotment was dated 28th May 2024. The company will now file the listing application and complete the required post-issue formalities under SEBI LODR regulations.
Conversion of these promoter warrants into equity shares will increase Mr Asif Khader's shareholding in the company, causing some dilution for existing public shareholders. However, it also signals the promoter's confidence and commitment, as he has paid the balance amount to exercise the warrants.