The Warrant holder did not exercise the conversion option of pending 7,00,000 warrants, which stands forfeited as per provisions of Regulation 169(3) of the SEBI (ICDR) Regulation, 2018
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Awaiting price reaction for this filing.
Ganga Pharmaceuticals informed BSE that 7,00,000 warrants allotted on a preferential basis in January 2024 were not converted into equity shares by the July 18, 2025 deadline. As a result, the 25% upfront amount already paid (totaling Rs. 24,50,000) has been forfeited under SEBI ICDR Regulation 169(3). The warrants were held by three allottees — Bharat Brijmohan Sharma (4 lakh), Srijana Bharat Sharma (2 lakh), and Anagh Bharat Sharma (1 lakh) — all appearing to be from the promoter family, with the issue price set at Rs. 14 per warrant (face value Rs. 10). The company gains Rs. 24.5 lakh in forfeited funds, but potential equity dilution of 7 lakh shares has been avoided.
Mildly positive for the company as it retains the forfeited Rs. 24.5 lakh as income and avoids further equity dilution, but it also signals weak confidence from the promoter group in the stock at the conversion price of Rs. 14. Shareholders may see this as neutral to slightly negative given the lack of conversion interest.