Please find enclosed herewith intimation of allotment of 6,97,200 equity shares of the company pursuant to conversion of equivalent no. of warrants, for your reference. For more details, ....
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ITCONS E-Solutions has allotted 6,97,200 fully paid-up equity shares of Rs. 10 each at Rs. 71 per share to 8 allottees upon conversion of warrants originally issued on July 29, 2024. The company received Rs. 3.71 crore as the balance 75% exercise price (Rs. 53.25 per warrant) in this tranche. Promoters Gaurav Mittal, Swati Jain, and Adit Mittal were the largest allottees, converting 1,58,000, 2,64,000, and 2,35,200 warrants respectively. The paid-up equity capital has risen from Rs. 6.51 crore (65,05,926 shares) to Rs. 7.20 crore (72,03,126 shares). About 78,65,600 warrants remain outstanding and can still be converted within 18 months of the original allotment.
This is a dilution event for existing shareholders as share count rises by roughly 10.7%. However, it brings in about Rs. 3.71 crore of fresh capital at the predetermined warrant price, and further conversion of 78.6 lakh pending warrants could add more equity in the future.