The company has issued and allotted 93,800 equity shares of Rs. 10 each, fully paid up to Mr. Adit Mittal to exercise the right of conversion of warrants into equity shares. For further ....
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ITCONS E-Solutions has allotted 93,800 fully paid-up equity shares of Rs. 10 each to Mr. Adit Mittal, a member of the Promoter Group, upon conversion of an equal number of warrants. The warrants were exercised at Rs. 71 per share, with the remaining 75% (Rs. 53.25 per warrant) paid in cash, aggregating to about Rs. 49.95 lakhs. Following this allotment, Mr. Mittal's stake in the company has increased from 4.75% to 6.27%. The paid-up equity share capital of the company has risen accordingly. Out of 1,00,40,000 warrants originally allotted on July 29, 2024, about 8,57,800 warrants have been converted so far, leaving 91,82,200 warrants still pending conversion within the 18-month window.
This is a routine preferential warrant conversion by a promoter group member, leading to a small dilution for existing shareholders and a marginal increase in the promoter's holding. No material impact on stock price is expected as it is part of a previously disclosed fundraising arrangement.