Board approves rescission of 23,90,000-warrant issue, proposes fresh 15,87,100 warrants
Revised outcome of board meeting held 10th October, 2026.
By ScoutQuest · · 3 min read
- Cancelled Warrant Issue
- 23,90,000 Convertible Equity Warrants at ₹69.50 per warrant (premium ₹59.50), aggregating ₹16.61 crore
- Fresh Warrant Proposal
- 15,87,100 Equity Warrants of face value ₹10 each, aggregating up to ₹1.59 crore
- Proposed Allottees
- 18 Promoter and Non-promoter/Public investors
What the board decided
The board of the company met on Saturday, 10th October, 2026, and this revised outcome of that meeting was shared with the exchange on 13th October, 2026. Two decisions were taken on the company's plan to raise money through convertible equity warrants.
Calling off the earlier warrant issue
The board considered and approved, subject to the approval of the members, the cancellation or rescission of the special resolution passed by members at the 01/2026-27 Extra-Ordinary General Meeting held on Wednesday, 16th September, 2026. That resolution (Item No. 1 of the Notice dated 24th August, 2026) was for the issue of 23,90,000 Convertible Equity Warrants on a preferential basis to persons belonging to the Promoter and Non-promoter/Public category, at an issue price of ₹69.50 per warrant, including a premium of ₹59.50 per warrant, aggregating to ₹16.61 crore. The company has decided not to proceed with that issue in view of the revision in the size of the issue and the list of proposed allottees. No warrants have been allotted under that special resolution.
Fresh proposal
The board has proposed raising funds by issuing 15,87,100 Equity Warrants of face value ₹10 each, aggregating up to ₹1.59 crore, on a preferential basis to the Promoter and Non-promoter/Public category of the company. The issue price will be determined in accordance with the pricing guidelines set out under Chapter V of the SEBI ICDR Regulations, 2018, subject to the approval of regulatory/statutory authorities and the approval of the shareholders. Members' approval will be sought in due course at an Extra-Ordinary General Meeting.
Warrant terms
- Each warrant carries the right to apply for and get allotted one equity share of face value Rs. 10/- each, within a period of 18 (Eighteen) months from the date of allotment of the warrants, in one or more tranches.
- The option for conversion is available only upon payment of the full price of the equity warrants.
Proposed allottees (18 investors)
Promoter category
- Prafullchandra Vitthalbhai Patel - 2,70,000 warrants
- Jashvantbhai Shankarlal Patel - 90,000 warrants
- Hiren Patel - 63,000 warrants
Non-promoter category
- Surendra Nemchand Shah HUF - 2,25,000 warrants
- Priyam Surendra Shah - 75,000 warrants
- Priyam Shah (Huf) - 2,01,000 warrants
- Pooja Priyam Shah - 50,000 warrants
- Ila Sunil Trivedi - 3100 warrants
- Jignaben Shah - 2000 warrants
- Gandhi Pakshal Bhaver - 1500 warrants
- Pasiben Prahladbhai Patel - 35,000 warrants
- Prahladbhai Bhaychanddas Patel - 35,000 warrants
- Patel Shivlal Kuberbhai - 1,50,000 warrants
- Dilipkumar Ramjibhai Patel - 1,50,000 warrants
- Krunal Prafulbhai Thummar - 1,50,000 warrants
- Indu Omprakash Bhandari - 45,000 warrants
- Sarita Shyam Sundar Nirmal - 39,000 warrants
- Deepak Satish Mehta - 2,500 warrants
Total: 15,87,100 equity warrants.
What stands out
- The earlier proposal is not going ahead; the fresh one is for a smaller number of warrants, 15,87,100 against 23,90,000 earlier. The fresh aggregate of ₹1.59 crore is stated against the face value of ₹10 each, while the price of these warrants will be decided as per the SEBI ICDR pricing guidelines.
- Money comes in only when the warrants are converted, and conversion requires payment of the full price of the warrants.
- Both the cancellation and the fresh preferential issue are subject to shareholder approval, and the fresh issue is also subject to approval of regulatory/statutory authorities, so neither step is completed at this stage.
Also from Ecofinity Atomix
EGM on 4 Nov 2026 to consider cancelling 23,90,000 warrants and issuing 15,87,100 fresh warrants
13 Oct 2026
Board cancels earlier 23,90,000-warrant preferential issue, proposes fresh 15,87,100 warrants
10 Oct 2026
Board meeting on 10 October 2026 to consider preferential issue of equity shares and warrants
7 Oct 2026
More numbers
- Warrants under the cancelled special resolution23,90,000
- Issue price per warrant under the cancelled resolution₹69.50
- Aggregate value of the cancelled warrant issue₹16,61,05,000
- Equity Warrants proposed in the fresh preferential issue15,87,100
- Aggregate value of the fresh warrant issue₹1,58,71,000
- Face value per equity warrant₹10
- Number of investors in the fresh preferential issueEighteen (18)
- Period to get shares allotted against warrants18 (Eighteen) months
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