Board Meeting held on 30th September, 2025 to 1. consider and allot 95,98,434 equity shares pursuant to the conversion of Equity Warrant. 2. any other business with the permission of chairman.
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On the reaction day the stock moved 4.6 pts more than Nifty Microcap 250 and 5.5 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Epuja Spiritech Ltd's board, at its meeting on September 30, 2025, approved the allotment of 95,98,434 equity shares (face value INR 1 each) on conversion of an equal number of fully convertible warrants. The warrants were originally issued via preferential allotment at INR 3.40 per share (including a premium of INR 2.40). All three allottees are from the non-promoter category: Vishal Shashikant Chavhan (34,98,431 shares), Harshee Haria (1,00,000 shares), and Taj Iron & Steel Works Private Limited (60,00,003 shares). Following this allotment, the company's paid-up equity capital has risen from INR 10.35 crore to about INR 11.31 crore. A significant 6.03 crore warrants remain pending conversion in the future, which could lead to further dilution.
This is a dilution event for existing shareholders, though the company is receiving fresh capital (around INR 3.26 crore at INR 3.40/share) from warrant holders exercising their option. The large pool of unconverted warrants (over 6 crore shares) signals potential further share supply in the future, which could weigh on the stock price.