Revised Outcome of Board Meeting held on November 25, 2025
Price
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Awaiting price reaction for this filing.
The company has converted 1,00,00,000 (1 crore) convertible warrants into an equal number of equity shares of face value Rs. 1 each. This conversion was done at Rs. 5.55 per warrant (the remaining 75% of the issue price of Rs. 7.40), bringing in Rs. 5.55 crores from the allottees. The warrants were originally allotted on November 13, 2024, and 11,40,00,000 warrants had already been converted earlier; with this tranche, only 50,00,000 warrants remain pending for conversion. The allottees include Unico Global Opportunities Fund Limited (which converted 1 crore warrants), Al Maha Investment Fund PCC-Onyx Strategy, and Forbes EMF, all under the public (non-promoter) category. Consequently, the company's paid-up equity share capital has increased to Rs. 56,35,65,500 divided into 56,35,65,500 equity shares of Rs. 1 each.
This is a dilution event for existing shareholders as more equity shares are being issued, but the company is also receiving fresh capital of Rs. 5.55 crores which may strengthen its balance sheet. The new shares will rank pari passu with existing shares, so no preferential treatment for new allottees.