Board approves preferential issue of 2,80,71,690 warrants to promoter entity at INR 231.55, raising up to INR 6,499,999,819.50
Aequs' Board approved a preferential issue of up to 28,071,690 warrants, each convertible into 1 equity share of face value INR 10/-.
By ScoutQuest · · 2 min read
- Warrant Issue Size
- 28,071,690 warrants
- Issue Price
- INR 231.55/- per warrant
- Total Fundraise
- INR 6,499,999,819.50/-
- Upfront Payment
- Minimum INR 3,250,000,000/-
- Exercise Deadline
- December 31, 2027
What was approved
The Board, at its meeting on September 25, 2026 (17:00 to 17:45 HRS IST), approved a preferential issue of up to 28,071,690 warrants, each convertible into 1 fully paid-up equity share of face value INR 10/-.
Pricing and size
- Issue price: INR 231.55/- per warrant, including a premium of INR 221.55/-.
- Total: INR 6,499,999,819.50/- payable in cash.
- The price is the floor price under Regulation 164 of SEBI ICDR — the higher of the 90-trading-day and 10-trading-day volume weighted average price preceding the relevant date of September 22, 2026.
Who is subscribing
A single investor: Mellwood Trustee Services Private Limited (Trustee of Melligeri Private Family Foundation), categorised as Promoter. The Company has received an investment commitment letter dated September 25, 2026 from the investor.
Payment structure
- A minimum of INR 3,250,000,000/- is payable at the time of subscription and allotment.
- The balance is payable when the warrant holder exercises conversion, which may be done in one or more tranches at any time on or before December 31, 2027.
- If not exercised by that date, the entitlement lapses and INR 325 Crores paid upfront is forfeited by the Company.
Shareholding impact
- Investor's pre-issue holding: 100,513,070 shares (14.99%).
- Post full conversion: 128,584,760 shares (18.40%).
- Promoter and promoter group holding moves from 59.09% to 60.73% on full conversion.
- Warrants carry no voting rights; voting changes only on conversion.
- The issue will not result in any change in control or management.
Other terms
The Company is not providing any loan, guarantee, reimbursement, security or other financial assistance to the investor for the subscription or exercise. No assured return, downside protection, put option or similar arrangement has been given.
Next steps
An Extra-Ordinary General Meeting is convened for October 22, 2026 through video conferencing or other audio visual means to seek shareholder approval. The issue also needs in-principle approval from the stock exchanges and other statutory approvals.
How investors may read it
A promoter entity committing fresh cash at the floor price signals promoter participation in funding, while existing public shareholders will see their proportionate holding diluted if all warrants convert into equity shares.
Also from Aequs
EGM transacts special resolution on warrants convertible into equity shares to a promoter trustee
23 Oct 2026
Aequs schedules Q2 FY2027 earnings conference call for October 26, 2026 at 6:00 PM IST to discuss H1 results
21 Oct 2026
Board meeting on October 26 to consider and approve September quarter results
21 Oct 2026
More numbers
- Warrants proposed28,071,690
- Warrant issue priceINR 231.55/-
- Premium per warrantINR 221.55/-
- Face value per shareINR 10/-
- Total issue sizeINR 6,499,999,819.50 /-
- Minimum upfront paymentINR 3,250,000,000 /-
- Amount forfeited if not exercisedINR 325 Crores
- Investor pre-issue shares100,513,070
- Investor pre-issue stake14.99%
- Investor post-conversion shares128,584,760
- Investor post-conversion stake18.40%
- Promoter group holding pre to post59.09% ... 60.73%
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