Power & Instrumentation (Gujarat) Limited has informed the Exchange regarding Outcome of Board Meeting held on March 18, 2026.
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The Board of Power & Instrumentation (Gujarat) Limited approved the allotment of 5,43,531 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share. These shares were issued upon conversion of an equal number of convertible warrants on a preferential basis to promoter and non-promoter allottees. The warrants were originally part of a larger issue of 50,96,000 convertible warrants allotted on September 21, 2024. As a result, the company's paid-up equity capital rose from Rs. 20.33 crore (2.03 crore shares) to Rs. 20.87 crore (2.09 crore shares).
This is a dilution event for existing shareholders, though only a small portion (~2.7%) of the total outstanding shares. The conversion price reflects a significant premium over face value, indicating the warrants were struck at attractive levels. Remaining unconverted warrants may lead to further share issuance in the future.