Outcome of Board Meeting held on 11th April 2025 for Conversion of Warrants into Equity shares.
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Vega Jewellers Ltd's board approved the allotment of 42,90,575 equity shares (face value Rs. 10 each) on April 11, 2025, after 65 warrant holders exercised their option to convert warrants into shares. These warrants were originally issued on a preferential basis on December 26, 2024, at a total price of Rs. 55 per warrant (Rs. 13.75 subscription + Rs. 41.25 exercise price). The company received Rs. 17.70 crore as the 75% exercise price for these conversions. As a result, the paid-up capital rose sharply from Rs. 48 lakh (4,80,000 shares) to Rs. 4.77 crore (47,70,575 shares) — nearly a 10-fold increase. About 32.93 lakh warrants remain pending conversion, which must be exercised within 18 months from December 2024 or they will lapse.
This is a significant equity dilution event — the share count jumped roughly 10x, which will likely weigh on the stock price in the short term. However, the company has successfully raised about Rs. 17.7 crore in fresh capital, strengthening its balance sheet. Shareholders should note potential EPS dilution and watch whether the remaining unconverted warrants are exercised before the June 2026 deadline.