This is in furtherance of the intimation given by the Company on May 10, 2024, wherein we had informed you that the Company had allotted 2,59,22,000 convertible warrants of the Company ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
ZR2 Bioenergy Ltd (formerly Gujchem Distillers India Ltd) informed the BSE that 2,59,22,000 convertible warrants allotted on a preferential basis on May 10, 2024 at Rs. 65 each (total value Rs. 168.49 crore) were not converted into equity shares within the 18-month deadline of February 13, 2026. None of the 7 warrant holders, including the proposed promoter ZR2 Group Holdings and strategic investors, exercised the conversion option. As a result, the upfront 25% subscription amount of Rs. 42,12,32,500 received at the time of allotment stands forfeited under SEBI Regulation 169(3). The company will retain this forfeited amount.
Negative for shareholders — the non-conversion signals weak investor confidence or inability to fund the conversion, and the planned equity infusion of up to Rs. 168 crore will not materialise. However, the company gets to keep the Rs. 42.12 crore forfeited amount as a one-time gain, and there is no further equity dilution from these warrants.