Embassy Developments Limited has informed the Exchange about allotment of 53,80,500 equity shares pursuant to conversion of equivalent number of Warrants. Please refer the attachment for detailed disclosure.
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Embassy Developments Limited has allotted 53,80,500 equity shares to Bellanza Developers Private Limited upon conversion of an equivalent number of warrants. The shares were issued at ₹111.51 per share (including a premium of ₹109.51, face value ₹2). Bellanza paid the balance 75% consideration of approximately ₹44.99 crore to exercise the conversion. Following this allotment, the company's paid-up equity share capital has risen to ₹274.24 crore, comprising 137.12 crore equity shares. Bellanza's stake in Embassy Developments has increased from 6.63% to 7.00% post-allotment. The original warrants were issued on May 21, 2024, under a preferential offer, and this is a partial conversion of the 1.34 crore warrants that were still outstanding.
This is a routine technical allotment and not a fresh fundraising — the company had already received 25% upfront earlier and now collects the remaining 75%. Existing shareholders face marginal dilution, but promoter-group entity Bellanza's increased stake signals continued confidence in the company.