Power & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
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On March 10, 2026, the Board of Power & Instrumentation (Gujarat) approved the allotment of 4,84,600 fully paid-up equity shares upon conversion of an equal number of convertible warrants at Rs. 83.75 per share (including a premium of Rs. 73.75). The shares were allotted to promoter Padmaraj P Pillai HUF (2,85,000 shares) and two non-promoter allottees — M/s Pulakeshin Private Limited (79,600 shares) and Ghisulal Kisan Kumar (1,20,000 shares). As a result, the paid-up equity capital rose from Rs. 19.49 crore to Rs. 19.97 crore, with total shares increasing from 1,94,86,430 to 1,99,71,030. The company has previously converted 34,13,530 warrants out of 50,96,000 originally issued, with 6,35,400 warrants still pending conversion.
This is a pre-scheduled warrant conversion and not a fresh capital raise, so the dilution was already priced in by the market. The promoter group increasing its stake signals insider confidence, but overall share count rises by about 2.5%, which may exert mild short-term dilution pressure on existing shareholders.