Please find enclosed herewith the outcome of the Board Meeting held on 23 February 2026
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The Board of Directors of Upsurge Investment & Finance Ltd approved the allotment of 18,50,000 equity shares at Rs. 73 each (face value Rs. 10 + premium of Rs. 63) to 4 allottees, comprising 3 promoter/promoter group entities and 1 non-promoter strategic investor. These shares were issued upon conversion of convertible warrants that were originally allotted on a preferential basis on 24 August 2024. The company received approximately Rs. 10.13 crore (Rs. 10,12,87,500) from the warrant holders at an exercise price of Rs. 54.75 per warrant. Following this allotment, the paid-up equity capital rose from Rs. 20.07 crore (2,00,71,400 shares) to Rs. 21.92 crore (2,19,21,400 shares), representing a dilution of about 9.2%.
This is a positive signal reflecting promoter commitment and successful capital infusion, but since the warrants were already issued in August 2024, this is largely a pre-disclosed event completing its timeline. The fresh equity strengthens the company's capital base, though existing shareholders face marginal dilution.