Board Meeting Outcome for Allotment of equity shares pursuant to conversion of Warrants.
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The Board approved allotment of 22,26,666 equity shares (face value INR 10 each) to two Non-Promoter individuals following conversion of warrants. Bindiben Heman Parikh received 10,66,666 shares and Thakore Dashrath Kanjibhai received 11,60,000 shares. These warrants were originally allotted on November 26, 2024 at INR 10 each. The company's paid-up capital increased from INR 19.97 crore to INR 22.19 crore. Additionally, 34,73,334 warrants remain outstanding for conversion within 18 months from the original allotment date.
This conversion increases the company's equity base and reduces warrant obligations. The remaining unconverted warrants (34.73 lakh) will further dilute promoter holding when converted. Both allottees are individual retail investors, indicating potential increase in public shareholding.