Conversion of Warrants into equity shares through preferential issue.
Price
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The Board of Gemstone Investments Ltd, at its meeting on 4th June 2026, approved the conversion of 3,18,00,000 (3.18 crore) convertible warrants into an equal number of equity shares of face value ₹1 each. The conversion price was ₹2.50 per share, implying a premium of ₹1.50 over face value, and the total amount raised was ₹5,96,25,000 (approximately ₹5.96 crore). The shares were allotted to two non-promoter allottees — Mitesh Chandrakant Shah (1.20 crore shares) and Rashmi Kantilal Gada (1.98 crore shares) — on a 1:1 basis after receipt of the 75% subscription amount as required under SEBI ICDR rules. No warrants remain pending for conversion.
This is a pre-scheduled conversion with no fresh fundraising beyond what was already committed — the equity base expands by 3.18 crore shares, leading to dilution for existing shareholders, though no surprise cash inflow occurs since the warrant money was already received.