Conversion of 2,41,40,000 convertible equity share warrants
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Mehai Technology's board approved the conversion of 2,41,40,000 warrants into equal equity shares at an issue price of ₹3.5 per share (face value ₹1 + premium ₹2.5), upon receipt of the balance 75% payment of ₹6,33,67,500 from 13 allottees. Of the converted shares, 1,30,00,000 went to promoter Dynamic Services & Security Limited, while 1,11,40,000 were allotted to 12 public-category allottees in cash. The company's paid-up equity capital has risen to ₹37,05,30,000 (37.05 crore shares of ₹1 each). Warrants were originally allotted on a preferential basis on October 31, 2024, following shareholder approval on August 26, 2024. The conversion follows a recent stock split (₹10 to ₹1) effective March 14, 2025.
This is a modest equity dilution of around 7% on the share count, with the company receiving about ₹6.34 crore in cash. However, a much larger pool of 20,65,70,000 warrants (9.3 crore promoter + 11.36 crore non-promoter) remains pending conversion, signalling significant potential further dilution ahead for existing shareholders.