1. Allotment of 1,50,00,000 Equity Shares to Promoter Group , Category upon Exercising Opon on Conversion of the Convertable Warrants. 2. Forfeiture of 25% Upfront Money Received against ....
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Kesar Petroproducts has allotted 1.5 crore equity shares (face value Re. 1 each) to the Promoter Group at Rs. 18.80 per share, upon conversion of an equal number of convertible warrants originally issued via a preferential allotment in December 2024. The company received Rs. 21.15 crore as the 75% balance amount from warrant holders Dinesh Shankarlal Sharma and Shreyas Dinesh Sharma (75 lakh shares each). As a result, the company's paid-up equity capital has increased to Rs. 11.17 crore (11.17 crore shares). Additionally, 52 lakh warrants that were not converted within the stipulated time have lapsed and been cancelled, with the 25% upfront money of Rs. 2.44 crore forfeited by the company.
The promoter group's increased shareholding signals continued confidence and commitment of capital into the company. The Rs. 2.44 crore forfeiture is a small gain for the company. Overall, this is a pre-planned preferential conversion with minimal impact on existing minority shareholders, though it results in some dilution from the share count expanding.