Forfeiture of 3,69,20,000 unexercised convertible warrants; 4,97,00,000 converted into equity shares

DhanSafal Finserve allotted 8,66,20,000 convertible warrants at Rs. 4.31/- each.

Fri 2 Oct 2026

Warrants allotted

8,66,20,000 convertible warrants at Rs. 4.31/- each

Warrants converted into equity shares

4,97,00,000 converted into equity shares

Warrants lapsed

3,69,20,000 lapsed on October 01, 2026

Amount forfeited

Rs. 3,97,81,300 paid on them forfeited

Capital impact

Paid-up equity capital unchanged; dilution reduced

What happened

• The Board had allotted 8,66,20,000 convertible share warrants of face value Re. 1/- each, convertible into an equivalent number of equity shares, on a preferential basis, for cash, at an issue price of Rs. 4.31/- per warrant.
• Warrant holders were entitled to exercise the conversion option within 18 (Eighteen) months from the date of allotment.
• The company converted 4,97,00,000 warrants into equity shares upon receipt of the balance 75% consideration.
• The last date for exercising the conversion option was October 01, 2026. The remaining 3,69,20,000 warrants were not converted, so the entitlement to exercise the conversion option lapsed with effect from October 02, 2026.
• The amount paid towards those warrants shall stand forfeited by the company.

Who did not convert

Annexure I gives the allottee-wise break-up of warrants allotted, converted, lapsed and the amount forfeited.

• Luharuka Exports Private Limited (Promoter): allotted 4,40,00,000, converted 3,42,30,000, lapsed 97,70,000, amount forfeited Rs. 1,05,27,175.
• Arkfin Investment and Advisors Pvt Limited (Non-Promoter): allotted 1,05,00,000, converted 0, lapsed 1,05,00,000, amount forfeited Rs. 1,13,13,750.
• Other non-promoter allottees include Haresh Mehta, Jatin Mehta, Shivani Mehta, Shreya Mehta and Khushbu Doshi (lapsed 16,00,000 each, Rs. 17,24,000 forfeited each), Anil K Sachidanand (lapsed 21,00,000, Rs. 22,62,750), Sandeep Phadke (lapsed 11,60,000, Rs. 12,49,900), Vishal Desai (lapsed 10,00,000, Rs. 10,77,500), Bobby Singh Chandel (lapsed 9,30,000, Rs. 10,02,075), Nilesh Pande (lapsed 8,10,000, Rs. 8,72,775), Ayan Shakir Sheikh (lapsed 7,60,000, Rs. 8,18,900), Shourya Bardia (lapsed 5,80,000, Rs. 6,24,950), Amit Prakash (lapsed 5,10,000, Rs. 5,49,525), Shubham Vaghasia (lapsed 5,00,000, Rs. 5,38,750) and Nandini Kunwar Sisodiya (lapsed 3,00,000, Rs. 3,23,250).

Totals in the annexure

3,69,20,000 warrants lapsed and Rs. 3,97,81,300 stands forfeited.

Impact stated by the company

• There will be no change in the paid-up equity share capital of the company pursuant to the lapse and forfeiture of the warrants.
• The potential dilution of the equity share capital of the company stands reduced pursuant to the non-conversion of the said warrants.

In simple terms

A convertible warrant is a right to receive one equity share at a set price within a set time. Here, each warrant could become one equity share at Rs. 4.31/-. Because 3,69,20,000 warrants were not converted within the allowed period, those shares will not be issued, so the equity base does not expand on account of them. The amount already paid towards those warrants, which as per Annexure I adds up to Rs. 3,97,81,300, is forfeited and retained by the company.

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