Submission of Certificate from Statutory Auditors in terms of Regulation 169(5) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Organic Recycling Systems Limited submitted a certificate from its Statutory Auditors, Vora & Associates, confirming compliance with Regulation 169(4) of the SEBI ICDR Regulations, 2018. The key event is the exercise of conversion rights by one warrant holder, Ms. Bhavi Shah, who held 10,00,000 convertible share warrants issued on a preferential basis on December 26, 2024. Each warrant had a face value of INR 10 and an issue price of INR 273. The company received the balance 75% consideration of INR 20,47,50,000 (₹20.48 crore) on May 14, 2026, bringing the total consideration to INR 27,30,00,000 (₹27.30 crore) for the conversion of all 10 lakh warrants into equity shares. The auditor verified the funds receipt from Ms. Bhavi Shah's bank account and confirmed no circulation of funds or mere passing of book entries. The filing also notes that 8 other allottees holding the remaining 17,40,000 warrants have not yet exercised their conversion option.
This indicates successful conversion of ₹27.30 crore worth of warrants by a non-promoter entity, leading to dilution of equity. Shareholders should note that 17.4 lakh additional warrants from 8 other allottees remain outstanding and could result in further dilution if exercised.