Conversion of Warrants into Equity shares of the Company pursuant to preferential allotment
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Gemstone Investments Limited has approved the conversion of 82.8 million convertible warrants into 82.8 million fully paid-up equity shares of face value ₹1 each. The conversion price is ₹2.50 per share (including a premium of ₹1.50), aggregating to ₹20.7 crore. The shares were allotted to 9 non-promoter allottees including individuals like Maniben Chandrakant Shah, Manisha Mukesh Gala, Usha Girish Shah, Bhavna Sanjay Shah, and SP and Nisha Private Limited. This is a preferential allotment under SEBI ICDR Regulations Chapter V, with all warrant holders exercising their conversion option in full.
This conversion will dilute promoter holding significantly as 82.8 million new equity shares have been issued to non-promoters. The company receives ₹20.7 crore which may strengthen its equity base and reduce reliance on warrant instruments.