Power & Instrumentation (Gujarat) Limited has informed the Exchange regarding Outcome of Board Meeting held on July 10, 2025.
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The Board of Directors of Power & Instrumentation (Gujarat) Limited, at its meeting on July 10, 2025, approved the allotment of 2,90,000 equity shares of Rs. 10 each at a premium of Rs. 73.75 per share (effective issue price of Rs. 83.75 per share). These shares were allotted on a preferential basis to Promoter and Non-Promoter group entities pursuant to the conversion of 2,90,000 convertible warrants. This conversion is part of a larger tranche of 50,96,000 convertible warrants that were originally issued and allotted on September 21, 2024, meaning 48,06,000 warrants still remain outstanding for future conversion. The allotment has been carried out under SEBI's Issue of Capital & Disclosures Requirements Regulations, 2018.
This is a partial conversion of previously issued warrants and results in modest equity dilution, with roughly 5.7% of the total warrants being converted in this tranche. Promoter participation in the conversion is generally viewed as a positive confidence signal, though investors should note that a large pool of warrants still remains pending conversion, which could lead to further dilution in the future.