Conversion of Warrants into equity shares through preferential issue.
Price
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Gemstone Investments Ltd's Board approved the conversion of 61,88,00,000 (61.88 crore) 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), bringing the total consideration to approximately ₹116.03 crore. The shares were 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. Each warrant holder received one equity share upon full conversion. The transaction complies with SEBI ICDR Regulations, 2018 and the Companies Act, 2013.
This conversion will significantly dilute the existing share capital as 61.88 crore new equity shares are being issued to non-promoters. The large equity infusion strengthens the company's capital base but existing shareholders will see their ownership percentage reduced.