Conversion of Convertible Warrants into Equity Shares of the Company.
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Gemstone Investments Ltd has converted 5.26 crore (52.6 million) convertible warrants into an equal number of equity shares at ₹2.50 per share (face value ₹1 plus premium ₹1.50). The total allotment value is approximately ₹98.63 crore. The equity shares were allotted to 10 non-promoter allottees including Riddhi Nihar Goradia, Dimpy Nilay Goradia, Prafulla Kantilal Mehta, and others. Each warrant holder received one equity share upon conversion, with the company receiving 75% of the issue price as subscription amount before conversion as per SEBI ICDR regulations.
This conversion will dilute the existing shareholding as 52.6 million new equity shares are issued to non-promoters. The share count will increase substantially, which could impact earnings per share. The substantial conversion volume may be neutral to mildly negative for the stock in the near term due to dilution.