Nupur Recyclers Limited has informed the Exchange about Forfeiture
NRL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Nupur Recyclers Limited informed the exchange that 76,70,000 out of 81,00,000 convertible warrants (issued at Rs. 91 each in September 2024) have lapsed because allottees failed to exercise their conversion option before the 15 March 2026 deadline. Only 4,30,000 warrants were actually converted into equity shares. As a result, the 25% upfront amount totalling Rs. 17.45 crore paid by the defaulting allottees stands forfeited to the company. There is no change in the company's paid-up equity share capital due to this lapse.
This is a mixed signal for shareholders — on one hand, 94.7% of warrants lapsing indicates weak confidence from the allottees (largely funds and developers) to convert at the strike price, which is mildly negative. On the other hand, the company retains Rs. 17.45 crore as a one-time gain and avoids the dilution that would have come from the full conversion.