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Awaiting price reaction for this filing.
The Board informed that 33,65,451 convertible warrants (out of 86,90,976 warrants allotted in March 2024 at Rs. 10 each) were not converted into equity shares within the 18-month deadline ending September 28, 2025, and the 25% upfront amount paid on these warrants stands forfeited. The remaining 53,25,525 warrants were converted into equity shares. Separately, the company is shifting its registered office within Gandhidham effective October 1, 2025, has appointed M/s Shah Deep and Company as Internal Auditor for FY 2025-26, and approved Rs. 1,00,000/month remuneration for non-executive director Ms. Rajvi Maulin Acharya.
The forfeiture of the 25% upfront payment adds a small amount to the company's reserves, but the non-conversion of roughly 39% of the warrants means the planned equity infusion fell short, which may signal weaker commitment from some allottees. For investors, this is a minor housekeeping event with limited direct impact on stock price.