Power & Instrumentation (Gujarat) Limited has informed the Exchange regarding Outcome of Board Meeting held on March 19, 2026.
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The board of Power & Instrumentation (Gujarat) Limited approved the allotment of 3,00,000 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share, upon conversion of 3,00,000 convertible warrants on a preferential basis to promoter and non-promoter groups. These warrants were part of a larger lot of 50,96,000 convertible warrants originally issued on September 21, 2024. As a result, the paid-up equity capital rose from Rs. 20.87 crore (2,08,68,900 shares) to Rs. 21.17 crore (2,11,68,900 shares). The board meeting was held on March 19, 2026, and concluded within about 30 minutes.
This is a small dilution event — only about 1.4% increase in share count — so the price impact should be minimal. The conversion at a healthy premium of Rs. 73.75 over face value shows promoter/investor confidence, but shareholders should note that a much larger pool of 47,96,000 warrants still remains pending conversion, which could cause further dilution in the future.