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Awaiting price reaction for this filing.
Steelman Telecom Ltd has informed BSE that 8 warrant holders did not convert their 10,00,000 (10 lakh) fully convertible warrants into equity shares within the 18-month deadline of July 24, 2025. The warrants were originally allotted on January 25, 2024 at Rs. 171 per warrant on a preferential basis to promoters and non-promoters, with 25% upfront money (Rs. 42.75 per warrant) already paid. Since conversion did not happen, the 25% upfront amount of Rs. 42.75 per warrant stands forfeited under SEBI ICDR Regulation 169(3). The balance 75% (Rs. 128.25 per warrant) will not be paid, and no new equity shares will be issued from this tranche. All 10 lakh warrants across all 8 allottees have lapsed.
This means no equity dilution from these warrants, but the company also loses the Rs. 1.07 crore in upfront money it collected. For shareholders, it's a mixed signal — promoter/non-promoter allottees chose not to invest the remaining Rs. 12.83 crore, which could raise concerns about confidence in the stock at the Rs. 171 level.