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Rose Merc Limited has forfeited 8,64,268 convertible warrants that were allotted on a preferential basis to non-promoters between January and May 2024. The warrant holders failed to convert their warrants into equity shares within the mandatory 18-month window, causing the warrants to lapse. As a result, the upfront subscription amount of ₹3,30,17,550 (about ₹3.30 crores), which represented 25% of the total consideration, has been forfeited by the company. The forfeiture was approved by the Board of Directors through a circulation resolution on March 27, 2026. None of the 28 warrant holders listed in the annexure exercised their conversion rights, meaning no fresh equity shares were issued from this preferential allotment.
Shareholders should note that no new shares will be issued from this preferential allotment, so there is no dilution from these warrants. The company retains the forfeited ₹3.30 crores as a gain, which modestly strengthens its reserves, though the failed conversion suggests limited investor confidence in the stock at the exercise price.