Conversion of warrants into equity shares through preferential issue.
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Gemstone Investments' board approved the conversion of 2,98,40,000 convertible warrants into an equal number of equity shares of face value ₹1 each. The conversion price was ₹2.50 per share (including a ₹1.50 premium), aggregating to ₹5.6 crore in total subscription. The shares were allotted to two non-promoter allottees — Urmila Shailesh Shah (1,98,40,000 shares) and Anita Agrawal (1,00,00,000 shares) — under a preferential issue route. Full subscription money had already been received (75% upfront per ICDR norms, with balance now paid on conversion). No warrants remain pending for conversion after this allotment.
This is a fully dilutive event — the company's share count rises by 2.98 crore shares, which may pressure the stock price in the short term due to increased float. However, since the warrants were already issued and priced earlier, the dilution is largely priced in; the key watchpoint is whether the incoming shareholders (non-promoters) hold or sell.