AEAequs544634Preferential allotment

Board approves preferential issue of 2.81 crore warrants to promoter entity at INR 231.55 each, raising up to INR 650 crore

Board approved a preferential issue of upto 28,071,690 warrants, each convertible into 1 equity share of face value INR 10.

By ScoutQuest · Fri 25 Sep 2026, 6:10 PM IST · 2 min read

Warrant Issue Size

28,071,690 warrants

Issue Price per Warrant

INR 231.55 (premium INR 221.55)

Total Fundraising Amount

INR 6,499,999,819.50

Promoter Group Holding (Post-Conversion)

60.73% (from 59.09%)

Conversion Deadline

December 31, 2027

What was decided

The Board of Aequs Limited, at its meeting on September 25, 2026 (17:00 to 17:45 HRS IST), approved a preferential issue of upto 28,071,690 warrants, each convertible into one 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 before the relevant date of September 22, 2026.

Who is subscribing

One investor: Mellwood Trustee Services Private Limited (Trustee of Melligeri Private Family Foundation), categorised as a Promoter. The company has received an investment commitment letter dated September 25, 2026 from the investor.

Payment and conversion mechanics

• A minimum of INR 3,250,000,000 is payable at subscription and allotment.
• The balance is payable when the warrant holder exercises conversion.
• Conversion may happen in one or more tranches on or before December 31, 2027.
• If not exercised by that date, the entitlement expires and INR 325 Crores paid upfront is forfeited by the company.
• Warrants carry no voting rights; voting changes only on conversion into equity shares.

Shareholding effect

• Investor pre-issue: 100,513,070 shares (14.99%).
• Investor after full conversion: 128,584,760 shares (18.40%).
• Promoter and promoter group: 59.09% before, rising to 60.73% after full conversion.
• The company states the issue will not result in any change in control or management.

The company also notes it is not providing any loan, guarantee, security or other financial assistance to the investor, and no assured return, downside protection or put option has been offered.

Next step

An Extra-Ordinary General Meeting has been convened for October 22, 2026 through video conferencing or other audio visual means, to seek shareholder approval. The issue also requires in-principle approval from the stock exchanges and other applicable approvals.

How investors may read it

Promoter money coming in at the regulatory floor price is often read as a sign of promoter commitment and brings fresh cash into the company. At the same time, conversion of all warrants would add new shares, diluting existing shareholders' proportionate holding, while raising promoter group stake.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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