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Vista Pharmaceuticals' Board, via a circular resolution dated July 16, 2025, approved the allotment of 1,02,49,998 fully convertible warrants to non-promoters on a preferential basis. Each warrant is priced at ₹12 (including subscription and exercise price), aggregating to roughly ₹12.3 crore, and is convertible into one equity share of ₹2 face value at a ₹10 premium per share. The company has already received 25% of the issue price (about ₹3.07 crore) as upfront warrant subscription money from non-promoters. Out of the planned 4,80,71,494 warrants, only about 1.02 crore were allotted because the initial 25% payment for the remaining ~3.78 crore warrants was not received due to a technical issue.
This is a capital-raising move via preferential warrant issue to non-promoters, which could lead to equity dilution for existing shareholders once the warrants are exercised. However, since nearly 79% of the originally planned warrants could not be allotted due to a technical payment issue, the company has raised significantly less than intended, which may delay or scale back its funding plans.