The company issued and allotted 194,000 equity shares of Rs. 10/- each, fully paid up to Mr. Saurabh Gangal, to exercise the right of conversion of warrants into equity shares. For further ....
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ITCONS E-Solutions has allotted 194,000 equity shares of Rs. 10 each to Mr. Saurabh Gangal (Non-Promoter) following the conversion of an equal number of warrants at Rs. 53.25 per warrant (75% of the Rs. 71 exercise price), bringing in Rs. 1.03 crore. After this allotment, Mr. Gangal's stake in the company has risen from 6.80% to 9.92%. The company's paid-up equity capital has increased from Rs. 5.60 crore to Rs. 5.79 crore, with total shares going up to 57,92,726. Additionally, 92,76,000 warrants remain outstanding from the original July 2024 allotment, which can still be converted into equity shares within 18 months. The new shares will rank equally with existing equity shares.
This is a routine warrant-to-equity conversion that slightly dilutes existing shareholders but brings in additional capital. Shareholders should note that the substantial 92.76 lakh warrants still pending conversion could lead to further share dilution if exercised, potentially affecting stock price in the short term.