Revision in the allotment of convertible warrants from 25,08,000 to 23,04,000 due to non receipt of the requisite 25% upfront consideration from 2(two) proposed allottees within the stipulated ....
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Kizi Apparels Ltd's board approved the first tranche allotment of 23,04,000 convertible warrants (reduced from the in-principle approved 25,08,000) to 10 allottees who paid the required 25% upfront consideration within the deadline of 1st April 2026. Two allottees — Ranjana Prabhakar Dalvi and Amit Anant Chavan — failed to pay the upfront amount, resulting in the reduction of 2,04,000 warrants. The total consideration reduced from Rs 97,18,500 to Rs 89,28,000. Each warrant converts to one equity share (face value Rs 10) within 18 months upon payment of the remaining 75%. Notable allottees include Managing Director Abhishek Nathani (5,01,000 warrants) and other related parties (Kiran Nathani, Raj Kumar Nathani, Suchitra Nathani, Surinder Goel, Surinder Goel HUF), raising related party concerns.
The reduction in warrant allotment and consideration amount is a minor negative signal; the failed payment by 2 allottees slightly shrinks the capital raise. More significantly, heavy insider participation (Managing Director and connected persons) in the warrant allocation warrants scrutiny from a governance standpoint.