Allotment of 1,50,00,000 Equity Shares to Promoter Group, category Upon Excercising option on conversion of the convertable warrants
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Kesar Petroproducts has allotted 1.5 crore equity shares to two promoter group members — Dinesh Shankarlal Sharma and Shreyas Dinesh Sharma (75 lakh shares each) — upon conversion of equal number of convertible warrants at Rs. 18.80 per share (Re. 1 face value + Rs. 17.80 premium). The company received Rs. 21.15 crore as the 75% balance payment owed on these warrants, which were originally issued via a December 2024 preferential allotment. Separately, 52 lakh warrants (including 22 lakh from promoters and 30 lakh from non-promoters) lapsed because holders failed to pay the balance 75%, leading to forfeiture of Rs. 2.44 crore in upfront money already collected. Post-allotment, the company's paid-up equity capital has increased to Rs. 11.16 crore.
This is a promoter-driven capital infusion that increases promoter shareholding rather than broadening the public shareholder base, so existing public shareholders face mild dilution. The forfeiture of Rs. 2.44 crore on lapsed warrants is a small one-time gain for the company and signals that not all warrant holders had confidence or funds to complete the conversion.