BSBaazar Style Retail544243Preferential allotment

Board approves warrant conversion into 20,00,000 equity shares, solar subsidiary and new independent director

Board approved allotment of 20,00,000 equity shares to Cupid Limited (non-promoter) at ₹ 328.25/- each, on conversion of 20,00,000 warrants, total ₹65.65 crore.

By ScoutQuest · Thu 15 Oct 2026, 6:21 PM IST · 2 min read

Equity Shares Allotted

20,00,000 equity shares of face value ₹ 05/- each

Issue Price

₹ 328.25/- per share (including premium of ₹ 323.25/-)

Total Consideration Received

₹65.65 crore

The Board of the company met on October 15, 2026 and approved three matters: a share allotment on conversion of warrants, a new renewable energy subsidiary, and changes in the board and audit committee.

Warrant conversion and share allotment

• Allotted 20,00,000 equity shares of face value ₹ 05/- each.
• Issue price is ₹ 328.25/- per share, which includes a premium of ₹ 323.25/-.
• The allotment is to Cupid Limited, a non-promoter body corporate, upon conversion of 20,00,000 equity warrants into equity shares.
• This conversion is out of the remaining 76,00,000 warrants allotted to warrant holders in the non-promoter category.
• Total consideration received is ₹65.65 crore.
• The shares allotted on conversion rank pari-passu in all respects, including dividend and voting rights, with the existing equity shares of the company.

New solar power subsidiary

• The Board approved incorporation of a Wholly Owned Subsidiary / Special Purpose Vehicle for solar power generation and other renewable energy related businesses.
• The proposed entity is to be incorporated in India. Its name may be "Sunright Private Limited" or "Sunlight Private Limited" or such other name as may be approved by the Registrar of Companies.
• Proposed business: developing, establishing, acquiring, operating and maintaining solar power generation projects and other renewable energy projects.
• Initial subscription to the share capital is ₹1,00,000 divided into 10,000 equity shares of ₹10 each, on a cash consideration basis.
• The company will hold 99.90% of the equity share capital (9,990 equity shares) directly, with the balance 10 equity shares held by a nominee on its behalf, resulting in 100% beneficial ownership and control by the company.
• The company states this proposed investment is in line with its long-term growth strategy, sustainability objectives and commitment towards adoption of renewable energy solutions, and is expected to create a platform for investment in renewable energy projects and generate long-term value for stakeholders.

Board and Audit Committee changes

• Mrs. Binata Sengupta (DIN: 08779205) has been appointed as an Additional Director in the category of Non-Executive Independent Director for a term of three years with effect from October 15, 2026, subject to the approval of shareholders.
• She is not related to any director of the company and has confirmed that she satisfies the criteria of independence prescribed under the Companies Act, 2013 and the Listing Regulations.
• The Audit Committee has been re-constituted with effect from October 15, 2026. Dr. Dhanpat Ram Agarwal is Chairman, with Mr. Harish Chander Khurana and Mr. Shreyans Surana as members.

What these items involve

• The warrant conversion brings in ₹65.65 crore of consideration against the issue of 20,00,000 new equity shares, so the number of equity shares in issue rises by that amount.
• The solar subsidiary is proposed, and the entity is yet to be incorporated; the initial capital commitment is ₹1,00,000, with the company holding 99.90% directly and 100% beneficial ownership and control.

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