Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors of the Company at their Board ....
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Gemstone Investments' Board, at its meeting on November 19, 2025, approved the allotment of 19.98 crore convertible warrants at Rs. 2.50 each on a preferential basis to non-promoter allottees. Each warrant is convertible into one equity share of face value Re. 1, meaning up to 19.98 crore new shares could be issued upon conversion, representing a significant potential dilution. The allotment follows a special resolution passed by members on September 30, 2025, and is being done under SEBI ICDR Regulations. A total of 22 non-promoter allottees — including HUFs, individuals, and private companies — have been identified, with the largest allocations going to Urmila Shailesh Shah (1.98 crore), Rashmi Kantilal Gada (1.98 crore), Mahevarsh Fincon Pvt. Ltd (1.98 crore), and SP and Nisha Private Limited (1.90 crore). The total potential fund raise is approximately Rs. 49.96 crore if all warrants are fully converted, though only the minimum subscription amount (typically 25%) is received upfront.
This is a large preferential warrant issue that could lead to substantial equity dilution for existing shareholders once the warrants are converted. The low issue price of Rs. 2.50 (well below likely market price for a small-cap stock) and the sheer size of the issue — nearly 20 crore new shares — may weigh on the stock in the short term. However, the company is raising fresh capital from a diverse group of non-promoter investors, which could strengthen its balance sheet.