Conversion of Warrants into Equity Shares
Price
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Gemstone Investments Ltd's board has approved the conversion of 6,18,80,000 convertible warrants into an equal number of equity shares of face value ₹1 each. The conversion price is ₹2.50 per share (₹1 face value + ₹1.50 premium), aggregating to ₹11,60,25,000. The shares have been allotted to 7 Non-Promoter allottees including Dipali Jigar Shah, Jigar Bharatkumar Shah HUF, Veluben Velji Kariya, Hemesh Rajesh Patel HUF, Roshni Hemesh Patel, Hemesh Rajesh Patel, and Chaitya Girish Shah. This is a preferential allotment under SEBI ICDR Regulations, with conversion happening at a 1:1 ratio upon receipt of the full subscription amount.
Significant dilution for existing shareholders as 61.88 million new shares are issued to non-promoters. The substantial share issuance increases the company's equity base and may dilute promoter holding considerably.