Conversion of 32,00,000 Warrants, earlier issued on preferential basis into equal number of Equity Shares having face value of Re. 1/- each.
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Eraaya Lifespaces' Fund-Raising Committee approved the conversion of 32,00,000 warrants into equity shares of Re. 1 face value at Rs. 81 per share (including Rs. 80 premium). These warrants were originally issued on a preferential basis to promoter Mr. Vikas Garg on January 18, 2025, who had already converted 18,00,000 warrants earlier. With this conversion, his stake rises from 18,00,000 shares (0.88%) to 50,00,000 shares (2.42%) of the company. The total paid-up equity capital of the company has increased to Rs. 20,66,94,160 divided into 20,66,94,160 equity shares. The new shares will rank equally with existing equity shares.
This is a promoter-driven capital infusion of about Rs. 25.92 crore, signaling the promoter's confidence and commitment to the company. The increased equity base may lead to minor dilution for existing shareholders, but the funds strengthen the company's capital position.