The Board of Directors at their meeting held today i.e. 30.04.2025 allotted 6,00,000 Equity Shares of Rs. 10/- each upon conversion of 6,00,000 Warrants on Preferential Allotment Basis.
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Jet Solar Ltd has allotted 6,00,000 equity shares (face value Rs. 10) upon conversion of an equal number of warrants held by a non-promoter investor, Janak Navinbhai Panchal, at Rs. 21 per share (including Rs. 11 premium). The company received Rs. 94.5 lakh, representing the remaining 75% of the warrant issue price. Post-allotment, the investor holds 5.63% equity stake in the company. The company's paid-up equity capital has risen to Rs. 10.65 crore, consisting of 1.06 crore shares. Around 12.24 lakh warrants are still pending conversion, which could lead to further equity dilution if exercised.
This is a mild dilution event (~5.63% expansion in share count), but signals continued investor confidence as the warrant holder is choosing to convert rather than let warrants lapse. Shareholders should note that another 12.24 lakh warrants remain pending and could add further dilution in the coming months.