Intimation of conversion of warrants into equity shares.
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Awaiting price reaction for this filing.
ITCONS E-Solutions has allotted 8,35,000 fully paid-up equity shares of Rs. 10 each, pursuant to the conversion of an equal number of warrants by 4 allottees at an exercise price of Rs. 71 per share. The company received Rs. 4.44 crore as the remaining 75% exercise price (Rs. 53.25 per warrant), with the initial 25% (Rs. 17.75) already paid at the time of original warrant allotment on July 29, 2024. Promoters Gaurav Mittal and Swati Jain converted 5,14,000 and 1,70,000 warrants respectively, while public investors Ashok Dilipkumar Jain and Sanghavi Vishal K converted 1,41,000 and 10,000 warrants. As a result, paid-up equity capital rose from Rs. 8.17 crore (81,73,326 shares) to Rs. 9.01 crore (90,08,326 shares). Post-allotment, promoter Gaurav Mittal's stake rose to 34.78% and Swati Jain's to 22.08%. Of the original 1,00,40,000 warrants allotted in July 2024, 39,79,600 have been exercised so far, with 60,60,400 still outstanding.
This is a pre-scheduled warrant conversion with no fresh capital beyond what was already committed in July 2024. The mild dilution from new shares is partly absorbed by promoters, reinforcing insider confidence, but the high number of outstanding warrants (60.6 lakh) points to potential further dilution ahead, which shareholders should keep in mind.