Outcome of Board Meeting - Forfeiture of Unexercised Warrants issued on Preferential Basis to Non-Promoter under Regulation 30 of LODR read with ICDR Regulations
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Olatech Solutions' Board has approved forfeiture of 9,74,000 warrants allotted to Naved Iqbal (non-promoter category) on preferential basis. The investor failed to exercise the conversion option within the stipulated 18-month period as required under ICDR regulations. The upfront amount of Rs. 4,40,73,500 (25% of total consideration at Rs. 181 per warrant) has been forfeited. No warrants were exercised out of the 9,74,000 allotted. The paid-up share capital remains unchanged as the warrants never converted to equity.
No equity dilution occurred since warrants lapsed unexercised; the company retains the forfeited upfront payment while shareholders are unaffected by any new share issuance.