Race Eco Chain Limited has informed the Exchange regarding Outcome of Board Meeting held on April 01, 2026 for the forfeiture of the Convertible Warrants
RACE · price
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Race Eco Chain Limited has forfeited 19,55,000 convertible warrants originally allotted on October 1, 2024 to 27 allottees at Rs. 352 per warrant. None of the warrant holders, including promoter group entity BGP 11 Analytics, exercised their conversion option within the 18-month window ending March 31, 2026. As a result, the 25% subscription amount already paid (totalling about Rs. 17.20 crore) stands forfeited in favour of the company under SEBI ICDR Regulations. No equity dilution has occurred since the warrants were never converted into shares. Major non-converters include Petflakes Polymers (4,62,500 warrants), Devbhoomi Commercial (4,32,500), and BGP 11 Analytics (2,20,000).
The company retains roughly Rs. 17.20 crore of subscription money as a windfall, which modestly boosts its reserves. However, the fact that every single allottee — including promoter-group entities — declined to convert suggests weak confidence in the stock's prospects at the Rs. 352 conversion price, which is a mildly negative signal for sentiment.