Regulations, 2015 ('SEBI LODR Regulations'), we wish to inform you that the Board of Directors of the Company at its meeting held on 10-11-2025 has approved the cancellation of 672914 ....
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The Board of Directors of Shish Industries Limited, at its meeting on 10-11-2025, approved the cancellation of 672,914 warrants that were originally allotted on 10-05-2024 on a preferential basis. The cancellation happened because the warrant holders failed to pay the balance amount required for converting these warrants into equity shares within the stipulated time. In addition, the Board forfeited the upfront warrant subscription money of ₹2.02 crore (₹2,02,21,065.70) already paid by these warrant holders, in line with the original terms of issue. As a result, these warrants will no longer be eligible for conversion into shares. The Board meeting lasted from 6:00 PM to 6:30 PM.
This is mildly positive for existing shareholders as potential equity dilution from these warrants is now off the table. However, it signals financial weakness on the part of the warrant holders, who could not arrange the balance payment and have lost their ₹2.02 crore upfront amount. The forfeited money will be retained by the company as a windfall.