Race Eco Chain Limited has informed the Exchange about the Forfeiture of the Convertible Warrants issued on Preferential basis
RACE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Race Eco Chain Limited has forfeited 19,55,000 convertible warrants that were allotted to 27 allottees in October 2024 on a preferential basis. The warrants were issued at Rs. 352 per warrant, with 25% (Rs. 88 per warrant) paid as initial subscription amount totaling Rs. 17.20 crore. The warrant holders failed to exercise their conversion option within the stipulated 18-month period ending March 31, 2026. According to SEBI ICDR Regulations, the subscription amount received has been forfeited. Among the allottees was one promoter group entity (BGP 11 Analytics) holding 2,20,000 warrants. The forfeiture means the company retains the Rs. 17.20 crore without issuing any equity shares, resulting in no dilution to existing shareholders.
This is marginally positive for existing shareholders as the company retains Rs. 17.20 crore without any corresponding share issuance or dilution. No new shares will be created from these forfeited warrants, preserving the current equity structure.