Allotment of 7,40,000 equity shares pursuant to exercise of warrants allotted on preferential basis
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Organic Recycling Systems Ltd has allotted 7,40,000 equity shares of Rs. 10 face value each to 8 warrant holders who exercised their conversion rights. These warrants were originally allotted on December 26, 2024 at Rs. 273 per warrant. The exercise price of Rs. 204.75 per warrant (75% of issue price) was received, aggregating Rs. 15.15 crore. The allottees include Harshad N. Mehta (1.5 lakh shares), Sandhya Harshad Mehta (1.5 lakh), Ekta Harshad Mehta (1 lakh), Manish Mahendra Modi (2.25 lakh), and 4 others. Post-allotment, the company's paid-up capital stands at Rs. 10.40 crore with 1.04 crore shares. About 19.6 lakh warrants remain unexercised from the original 27 lakh allotted.
This dilution adds 7.4 lakh new shares (about 7.1% increase) to the existing shareholding. The shares are issued at a significant premium (Rs. 263 above face value), which is positive for existing shareholders as it indicates investor confidence. The new shares rank pari-passu with existing shares.