Allotment of an aggregate of 9,80,23,128 equity shares of the Company pursuant to the conversion of warrants
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Embassy Developments has allotted 9.80 crore equity shares (face value INR 2 each) on May 15, 2025, upon the conversion of warrants at an issue price of INR 111.51 per share. The company received the balance 75% consideration of approximately INR 819.79 crores from this conversion. Two allottees participated: Bellanza Developers Private Limited (2.09 crore shares) and NCL SG Holdings Pte Ltd (7.71 crore shares). These warrants were originally issued on May 21, 2024 under a preferential offer, and this is the second tranche of conversion (Bellanza had earlier converted 4.01 crore warrants in March 2025). Post-allotment, the company's paid-up equity share capital has risen to INR 264.11 crores, divided into 132.06 crore shares.
The warrant conversion brings in roughly INR 820 crores of fresh capital to the company, strengthening its balance sheet, but also increases the share count which dilutes existing shareholders. NCL's stake rises to 8.39% and Bellanza's to 4.68%, making them significant shareholders in the company.