Power & Instrumentation (Gujarat) Limited has informed the Exchange regarding Outcome of Board Meeting held on March 10, 2026.
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On the reaction day the stock moved 1.1 pts more than Nifty Microcap 250 and 0.2 pts more than its Other Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board of Power & Instrumentation (Gujarat) Limited, at its meeting on March 10, 2026, approved the allotment of 4,84,600 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share. These shares were issued upon conversion of an equivalent number of convertible warrants (out of 50,96,000 warrants originally allotted on September 21, 2024) on a preferential basis to promoter and non-promoter allottees. As a result, the company's paid-up equity capital rose from Rs. 19.49 crore (1,94,86,430 shares) to Rs. 19.97 crore (1,99,71,030 shares). This is a partial conversion, with around 4.8 lakh out of the original ~51 lakh warrants having been converted so far.
This is a minor dilution event (~2.5% increase in share count) and is part of a previously disclosed preferential warrant issuance, so it is not a surprise. It signals promoter/non-promoter confidence as they are exercising warrants at a Rs. 73.75 premium, but the remaining ~46 lakh warrants yet to be converted could create further dilution overhang.