Allotment of 18,00,000 fully Paid-up Equity Shares pursuant to conversion of 18,00,000 convertible warrants (Out of a total 70,00,000 Convertible Warrants) having a face value of Rs. 10.00/- ....
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Darjeeling Ropeway Company Limited has allotted 18,00,000 fully paid-up equity shares (face value Rs. 10 each) to three non-promoter allottees — Mr. Ashok Dilipkumar Jain, Ms. Viha Ashok Jain, and Ms. Sonali Abhaykumar Parmar — upon conversion of an equivalent number of convertible warrants. The conversion was done at an issue price of Rs. 16.80 per share (including a premium of Rs. 6.80), with the balance 75% amount of Rs. 12.60 per warrant paid in this tranche, aggregating Rs. 2.27 crore. As a result, the company's paid-up equity share capital has increased from Rs. 3.05 crore (30,50,000 shares) to Rs. 4.85 crore (48,50,000 shares). A total of 12,60,000 warrants remain outstanding for future conversion out of the original 70,00,000 warrants issued on 23 September 2025.
This is a dilution event for existing shareholders as the share count has risen by roughly 59% (from 30.5 lakh to 48.5 lakh shares). However, it brings in Rs. 2.27 crore of fresh capital at a modest premium to face value, and the allottees are non-promoters who did not hold shares earlier, meaning new investors now each hold about 12.37% stake in the company.