Forfeiture of 1592000 share warrant, due to non exercise of option to conversion of warrants, as per detailed disclosure attached.
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Jayant Infratech has forfeited 15,92,000 convertible warrants worth about Rs. 4.50 crore because the allottees did not convert them into equity within the 18-month window ending August 22, 2025. These warrants were originally issued on a preferential basis in February 2024 at Rs. 113 per warrant, with a 25% upfront amount already collected. Three allottees — Bindu Ashwin Gandhi (90,000 warrants), Kaushal Ashwin Gandhi HUF (90,000 warrants), and Evolution Capital Advisory Services (14,12,000 warrants) — failed to exercise the conversion option, and their upfront amounts totalling Rs. 4,49,74,000 have been forfeited as per SEBI ICDR Regulations. The remaining 6,30,000 warrants appear to have been converted, limiting the dilution impact.
The forfeiture adds roughly Rs. 4.5 crore to the company's reserves as non-dilutive income, but it also signals that a key institutional allottee walked away from the conversion, which may raise mild concerns about investor confidence. Net effect on equity is modestly positive since fewer shares will be issued than originally planned.