The Board of Directors at their meeting held today i.e. 05.05.2025 allotted 6,68,000 Equity Shares of Rs. 10/- each upon conversion of 6,68,000 warrants on preferential allotment basis.
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The board of Jet Solar Ltd approved the allotment of 6,68,000 equity shares on conversion of an equal number of warrants at Rs. 21 per share (Rs. 10 face value plus Rs. 11 premium). The shares were issued to two non-promoter individuals — Parag Shah (4,28,000 shares) and Dipika Parag Shah (2,40,000 shares) — who together paid Rs. 1.05 crore as the balance 75% amount. With this allotment, the company's paid-up equity capital has risen to Rs. 11.32 crore, comprising 1,13,20,000 shares. Notably, 5,56,000 warrants remain pending conversion, meaning additional equity dilution is possible in the coming months.
Existing shareholders face further dilution as new equity shares are issued, and the cap table sees two new non-promoter individuals entering at a combined ~5.9% stake. The pending 5,56,000 warrants signal that more equity supply could come to the market, which may weigh on the stock in the short term.