Lapse of 3,69,20,000 unexercised convertible warrants; Rs. 3,97,81,300 stands forfeited

DhanSafal Finserve has intimated the lapse of unexercised convertible warrants.

Fri 2 Oct 2026

Warrants allotted

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

Warrants converted

4,97,00,000 warrants converted into equity shares

Warrants lapsed

3,69,20,000 warrants stayed unconverted; conversion option lapsed from October 02, 2026

Amount forfeited

Rs. 3,97,81,300 (Annexure I, 17 allottees)

Share capital impact

paid-up equity share capital unchanged; potential dilution reduced

What was allotted

DhanSafal Finserve had allotted 8,66,20,000 convertible share warrants of the face value of 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. The allotment was intimated on April 02, 2025. Warrant holders were entitled to exercise the conversion option within 18 (Eighteen) months from the date of allotment.

Conversion and lapse

The company received the balance 75% consideration and converted 4,97,00,000 warrants into equity shares. The last date for exercising the conversion option was October 01, 2026. For the remaining 3,69,20,000 warrants, the entitlement to exercise the conversion option lapsed with effect from October 02, 2026. The amount paid towards those warrants stands forfeited by the company in accordance with Regulation 169(3) of the SEBI ICDR Regulations.

Where the forfeiture falls

• Total amount forfeited: Rs. 3,97,81,300, spread across 17 allottees named in Annexure I.
• Promoter allottee Luharuka Exports Private Limited: allotted 4,40,00,000 warrants, converted 3,42,30,000, lapsed 97,70,000 warrants, amount forfeited Rs. 1,05,27,175.
• Non-promoter allottee Arkfin Investment and Advisors Pvt Limited: allotted 1,05,00,000 warrants, none converted, lapsed 1,05,00,000 warrants, amount forfeited Rs. 1,13,13,750.
• Non-promoters Haresh Mehta, Jatin Mehta, Shivani Mehta, Shreya Mehta and Khushbu Doshi: each allotted 16,00,000 warrants, none converted, and Rs. 17,24,000 forfeited against each name.
• Among those who converted in part: Ayan Shakir Sheikh (50,000 converted, 7,60,000 lapsed, Rs. 8,18,900 forfeited) and Nandini Kunwar Sisodiya (2,80,000 converted, 3,00,000 lapsed, Rs. 3,23,250 forfeited).
• Other non-promoter allottees with zero conversion include Anil K Sachidanand (21,00,000 lapsed, Rs. 22,62,750 forfeited), Sandeep Phadke (11,60,000 lapsed, Rs. 12,49,900), Vishal Desai (10,00,000 lapsed, Rs. 10,77,500), Bobby Singh Chandel (9,30,000 lapsed, Rs. 10,02,075), Nilesh Pande (8,10,000 lapsed, Rs. 8,72,775), Shourya Bardia (5,80,000 lapsed, Rs. 6,24,950), Amit Prakash (5,10,000 lapsed, Rs. 5,49,525) and Shubham Vaghasia (5,00,000 lapsed, Rs. 5,38,750).

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.

What this means in plain terms

A convertible warrant is a right to buy a share later at a price fixed in advance; the holder pays part of the money up front and the balance on conversion. Here, the portion that was converted became equity shares, and the portion that was not converted never became shares. Because those 3,69,20,000 warrants did not convert, the equity share base does not expand on that count, and the amount already paid on them is retained by the company as forfeited money. The company itself has flagged the reduced potential dilution as the outcome of the non-conversion.

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