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Awaiting price reaction for this filing.
In May 2024, Variman Global Enterprises allotted 2.698 crore convertible warrants at Rs. 20 per warrant to non-promoters on a preferential basis, collecting a 25% upfront amount of Rs. 13.49 crore. The 18-month conversion window expired on 10 November 2025, and warrant holders did not pay the remaining 75% balance to convert these into shares. As a result, all 2.698 crore warrants have lapsed and been cancelled, and the upfront amount of Rs. 13.49 crore has been forfeited by the company. None of the warrants were exercised during the conversion period, so there is no change to the company's share capital structure.
No dilution for existing shareholders since no new shares were issued, and the company gets to retain the Rs. 13.49 crore forfeited amount as income. However, the failure of warrant holders to pay the balance and convert may signal weak investor confidence at the Rs. 20 price level.