The Board of Directors at its meeting held on Monday, 26th May, 2025 approved the allotment of warrants convertible into equity shares at an issue price of Rs. 21.70/- per warrant on preferential ....
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Gujarat Natural Resources Ltd has allotted 2,50,00,000 (2.5 crore) convertible warrants at Rs. 21.70 per warrant to two non-promoter allottees on a preferential basis. The allottees are Vansh Ravi Agrawal (1 crore warrants) and JA Spaces LLP (1.5 crore warrants). The company has received 25% upfront payment of Rs. 5.425 per warrant, aggregating to about Rs. 13.56 crore. Total aggregate consideration upon full conversion would be Rs. 54.25 crore. Each warrant can be exchanged for one equity share of Rs. 10 face value within 18 months, with the remaining 75% balance to be paid at the time of conversion.
This preferential warrant allotment to non-promoters will dilute existing shareholders once the warrants are exercised. The company raises Rs. 13.56 crore immediately and stands to receive the remaining Rs. 40.69 crore within 18 months upon conversion, strengthening its capital base without immediate full dilution.