Please find the attached Intimation of allotment of shares pursuant to conversion of 4,69,400 warrants to Mr. Gaurav Mittal and Mrs. Swati Jain, Promoters of the Company, for your reference. For ....
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ITCONS E-Solutions has allotted 4,69,400 fully paid-up equity shares (face value Rs. 10 each) to its promoters — Mrs Swati Jain (2,69,400 shares) and Mr Gaurav Mittal (2,00,000 shares) — upon conversion of share warrants originally issued on July 29, 2024. The promoters paid the balance 75% of the exercise price of Rs. 71 per warrant, i.e., Rs. 53.25 per share, aggregating to about Rs. 2.50 crore. As a result, the company's paid-up equity capital increased from Rs. 6.04 crore (60,36,526 shares) to Rs. 6.51 crore (65,05,926 shares). After this conversion, 85,62,800 warrants remain outstanding and can still be converted within 18 months from the original allotment date.
This is a routine promoter-led warrant conversion that increases the share count by about 7.8%, leading to mild dilution for existing shareholders. Promoter holdings rise — Swati Jain's stake goes to 21.01% and Gaurav Mittal's to 33.22% — which signals promoter confidence but may put short-term pressure on the stock due to expanded share base.