Power & Instrumentation (Gujarat) Limited has informed regarding Disclosure of material issue
PIGL · price
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The Board of Directors of Power & Instrumentation (Gujarat) Limited, at its meeting on March 16, 2026, approved the allotment of 3,54,339 equity shares upon conversion of equal number of warrants at Rs. 83.75 per share (including a premium of Rs. 73.75). The shares were allotted to one promoter entity (Padmaraj P Pillai HUF - 3,00,000 shares) and one non-promoter (M/s Pulakeshin Private Limited - 54,339 shares) on a preferential basis. As a result, the company's paid-up equity capital increased from Rs. 19.97 crore (1,99,71,030 shares) to Rs. 20.33 crore (2,03,25,369 shares). Post-allotment, the promoter holds 2.88% and the non-promoter holds 0.66% in the company, with 2,81,061 warrants still pending conversion.
This is a routine warrant-to-equity conversion that slightly dilutes existing shareholders but brings in additional capital (approximately Rs. 2.97 crore) to the company. The minor dilution (about 1.77% increase in share count) is unlikely to materially impact the stock price, though it reflects promoter confidence at a price significantly above the face value.