Issue of warrants convertible into equity shares by way of preferential issue
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Disha Resources Ltd's board, meeting on May 26, 2025, approved issuing up to 75,00,000 warrants on a preferential basis, each convertible into one equity share at INR 28.50 per warrant, raising up to INR 21.375 crore. Allottees include 11 mostly individual investors and small entities (Laxmi Vyankatesh Enterprises, S.N. Enterprises, Amit Pramodrao Gharlute, Pooja Rajesh Chapekar, and others listed in Annexure A). Allottees must pay 25% upfront and the remaining 75% within 18 months before converting warrants into shares, or the upfront amount is forfeited. The issue is subject to shareholder approval and follows SEBI ICDR Regulations.
If all warrants convert, share count will rise by 75 lakh shares, diluting existing shareholders proportionally. The modest issue size (INR 21.375 crore) and the allottees being mostly individuals and small proprietary firms suggest this is a small capital raise rather than a strategic fundraise, which existing shareholders should weigh at the upcoming EGM vote.