Conversion of 3,25,10,000 covertible equity share warrants
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Awaiting price reaction for this filing.
Mehai Technology's board approved the conversion of 3,25,10,000 (3.25 crore) warrants into equity shares at ₹3.5 per share (face value ₹1 + premium ₹2.5). The company received ₹8.53 crore as the balance 75% payment from warrant holders. Two allottees exercised their conversion rights — promoter Dynamic Services & Security Limited got 3.20 crore shares, while non-promoter Ahika Sutodiya got 5.10 lakh shares. Post-conversion, the company's paid-up equity capital increased to ₹34.64 crore, comprising 34.64 crore shares of ₹1 each. A large pool of warrants remains pending conversion — 1.06 crore from the promoter and 12.47 crore from non-promoters/public.
This is a dilution event — share count rose by roughly 10% from this conversion alone. With 13.53 crore more warrants still pending conversion, further dilution is likely. However, the conversion brings cash onto the books and signals promoter/public confidence in exercising their warrants at the agreed price.