Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant amendments thereto from time to time, we hereby attach the Outcome ....
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Kranti Industries Ltd's board approved the forfeiture of application money from warrant holder Evolution Capital Advisory Services Private Limited. The warrant holder failed to convert 2,50,000 out of 15,00,000 fully convertible warrants (allotted on October 23, 2024 at ₹80 per warrant) within the prescribed timeline of April 22, 2026. While 12,50,000 warrants were already converted into equity shares, the remaining 2,50,000 warrants were cancelled, resulting in forfeiture of ₹50,00,000 in application money. This is in accordance with Regulation 169(3) of SEBI ICDR Regulations, 2018.
The forfeiture of unexercised warrants reduces potential equity dilution from the warrant holder. The company retains ₹50 lakhs already received, but loses out on the ₹1.50 crore conversion money that would have come in. Existing shareholders face no immediate dilution impact from these cancelled warrants.