Revised outcome: Board approves allotment of 11,50,000 equity shares on warrant conversion

Board meeting of 30-09-2026 approved allotment of 11,50,000 equity shares of Rs. 10/- each on conversion of fully convertible warrants.

Wed 7 Oct 2026

Shares allotted on warrant conversion

11,50,000 equity shares of Rs. 10/- each

Amount received

Rs. 47.85/- per warrant, being 75% of the Rs. 63.80 issue price, aggregating to Rs. 5,50,27,500/-

Issued and paid-up capital

moves from 30,724,303 to 31,874,303 shares

Allotment on conversion of warrants

The board of directors of Aarey Drugs & Pharmaceuticals, at its meeting held on 30-09-2026, approved the allotment of 11,50,000 equity shares of face value Rs. 10/- each, pursuant to conversion of fully convertible equity share warrants. These warrants were originally issued on a preferential allotment basis: 50,00,000 convertible warrants at an offer price of Rs. 63.80/- each, at a premium of Rs. 53.80/- per warrant. On this conversion the company received Rs. 47.85/- per warrant, described in the update as 75% of the issue price, aggregating to Rs. 5,50,27,500/-. The allottees belong to both the promoter and the non-promoter category.

Where the conversions stand

• 23,70,000 convertible warrants were converted into equity shares at the board meeting held on 06-08-2026.
• 11,50,000 convertible warrants were converted into equity shares at the board meeting held on 30-09-2026.
• 14,80,000 convertible warrants are outstanding for conversion, within 18 months from the date of allotment, 23-05-2025.

The outstanding warrants shown in the allottee table are 3,45,000 each with Enam Organics India Limited, Nimit Impex Private Limited, Suraj Tradelinks Private Limited and Worth Investment and Trading Company Limited, and 1,00,000 with Mamta Girish Chheda. Each of these allottees shows nil conversion at this board meeting.

Share capital after the allotment

• Issued and paid-up capital before this allotment: 30,724,303 equity shares of face value Rs. 10/- each.
• Issued and paid-up capital after this allotment: 31,874,303 equity shares of face value Rs. 10/- each.

So the new shares issued in this round are the 11,50,000 shares allotted on conversion.

Who received shares in this round

• Nimit Rajesh Ghatalia (promoter and promoter group): 1,50,000 warrants converted, holding moves from 15,00,000 shares (4.88%) to 16,50,000 shares (5.18%).
• Priti Vijaykumar Shah (public): 5,00,000 shares, holding 5,00,000 shares (1.57%).
• Vaishali Aggarwal (public): 2,50,000 shares, holding 2,50,000 shares (0.78%).
• Archana Pramod Wani (public): 2,00,000 shares, holding 2,00,000 shares (0.63%).
• Sujata Tushar Mehta (public): 25,000 shares, holding 25,000 shares (0.08%).
• Tushar Mehta Huf (public): 25,000 shares, holding 25,000 shares (0.08%).

What the revised table shows

Several promoter names show a lower shareholding percentage than in the previous table even though their number of shares is unchanged. Bina Rajesh Ghatalia moves from 14.66% to 14.13%, Mihir Rajesh Ghatalia from 10.35% to 9.98%, and Mira Mihir Ghatalia from 3.06% to 2.95%. This happens because the total number of shares in issue has increased, so each existing holding represents a smaller percentage of the company. The update is a revised outcome and encloses a revised Annexure I table read with the outcome of the board meeting of 06-08-2026, along with the Annexure I table for the conversion approved on 30-09-2026.

Points a retail investor can note

• Warrants are being converted into equity shares in tranches; the balance 14,80,000 warrants are to be converted within a tenure of 18 months from 23-05-2025.
• Conversion of warrants brings in funds to the company and increases the number of equity shares in issue.
• The disclosure lists allottee-wise pre-holding and post-allotment holding for both conversion dates.

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