Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 regarding cancellation of warrants as detailed in the annexure attached herewith
Awaiting price reaction for this filing.
Pipan Oils Ltd (formerly Omansh Enterprises Ltd) announced the forfeiture of 5,00,000 warrants that were originally issued to M/s BRCCA Services Private Limited at Rs. 2 per warrant as part of an NCLT-approved resolution plan dated June 7, 2024. These warrants were later transferred to Mr. Avnish Jindal and Mr. Piyush Gupta via a Share Purchase Agreement dated June 10, 2025. The warrant holders failed to exercise their conversion option into equity shares by the deadline of December 6, 2025. The Board of Directors in their meeting on May 1, 2026 approved the forfeiture of these warrants as per Regulation 169(3) of SEBI ICDR Regulations, 2018.
This forfeiture means the company will not see any capital infusion from these 5,00,000 warrants. The resolution plan creditors who were to receive equity upon conversion may face continued status as warrant holders or may need to be addressed separately under the approved resolution plan.