Board Meeting Outcome For Allotment Of Equity Shares Pursuant To Conversion Of Warrants
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The Board of Directors approved the allotment of 38,33,34 equity shares of INR 10 face value each to Bindiben Heman Parikh (a public non-institutional resident individual). This conversion is from Fully Convertible Equity Warrants that were originally allotted on November 26, 2024 at INR 10 per warrant. The company had allotted 57,00,000 warrants in total, so this initial conversion covers a portion. The remaining 30,90,000 warrants will be converted to equity shares within 18 months from the original allotment date. As a result, the company's paid-up equity share capital increased from INR 22,19,38,160 to INR 22,57,71,500.
This represents a modest dilution of approximately 1.73% for existing shareholders. The conversion is being done at face value (INR 10), which could indicate a discount to current market price depending on prevailing stock price.