Ishan Dyes and Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on March 21, 2026.
ISHANCH · price
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The Board of Ishan Dyes and Chemicals, at its meeting on March 21, 2026, approved the conversion of 4,23,280 Convertible Equity Warrants into equity shares of ₹10 face value at an issue price of ₹63 per share (including ₹53 premium), allotted to promoter Anilaben Piyushbhai Patel. The company received the balance 75% amount of approximately ₹2 crore from the warrant holder. Paid-up equity capital increased from ₹2,61,40,417 shares (₹26.14 crore) to ₹2,65,63,697 shares (₹26.56 crore). Additionally, M/s K.D. Dave & Co resigned as Internal Auditor citing pre-occupations, and M/s H D Panchal & Co was appointed in their place. The Board also approved a postal ballot notice for the re-appointment of Mr. Shrinal P Patel as Whole-Time Director and Mr. Piyushbhai Natvarlal Patel as Managing Director. Of the original 45,84,872 warrants allotted in September 2025, 41,61,592 warrants remain outstanding for conversion within 18 months.
The warrant conversion results in a small ~1.6% increase in equity base and reinforces promoter commitment, though 41.61 lakh warrants still pending conversion could cause further dilution in coming months. The auditor change and director re-appointments are routine governance matters with no material impact on shareholders.