Board cancels earlier 23,90,000-warrant preferential issue, proposes fresh 15,87,100 warrants

Board meeting on 10 October 2026 approved cancelling the Special Resolution passed at the 16 September 2026 EGM for 23,90,000 Convertible Equity Warrants priced at ₹69.50 per warrant, aggregating ₹16,61,05,000.

Sat 10 Oct 2026

Cancelled warrant issue size

23,90,000 Convertible Equity Warrants at ₹69.50 per warrant

Cancelled issue aggregate

₹16,61,05,000

Proposed fresh warrant issue

15,87,100 Equity Warrants of face value ₹10 each, aggregating up to ₹1,58,71,000

Ecofinity Atomix Ltd's Board met on Saturday, 10 October 2026 and took two connected decisions on how the company raises equity-linked funds.

First decision: the earlier warrant issue is called off

• The Board considered and approved, subject to the approval of the Members of the Company, the cancellation / rescission of the Special Resolution passed by the Members at the 01/2026-27 Extra-Ordinary General Meeting held on Wednesday, 16 September 2026.
• That resolution covered the issue of 23,90,000 Convertible Equity Warrants on a preferential basis to persons belonging to the Promoter and Non-promoter/Public Category of the Company.
• The price in that resolution was ₹69.50 per Warrant (including a premium of ₹59.50 per Warrant), aggregating ₹16,61,05,000.
• The reason recorded: the Company has decided not to proceed with the said issue in view of the revision in the size of the issue and the list of proposed allottees.
• No Warrants have been allotted pursuant to the said Special Resolution.

Second decision: a fresh, smaller warrant proposal

• The Board proposed raising funds by way of issuance of 15,87,100 Equity Warrants having face value ₹10 each, aggregating up to ₹1,58,71,000, 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 SEBI ICDR Regulations and other applicable regulations, if any.
• The proposal is subject to the approval of regulatory/statutory authorities, as applicable, and the approval of shareholders of the Company.
• The Company proposes to seek Members' approval in due course by way of an Extra Ordinary General Meeting.

How the warrants work

• Each Warrant carries a right to apply for and get allotted one Equity Share of face value ₹10 each.
• This right can be exercised within a period of 18 months from the date of allotment of warrants, in one or more tranches, as the case may be.
• The option for conversion is available only upon payment of the full price of the Equity Warrants.

Who is proposed to receive the warrants

• Seventeen (17) investors in all.
• Promoter category: Prafullchandra Vitthalbhai Patel 2,70,000; Jashvantbhai Shankarlal Patel 90,000; Hiren Patel 63,000.
• Non-promoter category: Surendra Nemchand Shah HUF 2,25,000; Priyam Surendra Shah 75,000; Priyam Shah (Huf) 2,01,000; Pooja Priyam Shah 50,000; Ila Sunil Trivedi 3100; Jignaben Shah 2000; Gandhi Pakshal Bhaver 1500; Pasiben Prahladbhai Patel 35,000; Prahladbhai Bhaychanddas Patel 35,000; Patel Shivlal Kuberbhai 1,50,000; Dilipkumar Ramjibhai Patel 1,50,000; Krunal Prafullbhai Thummar 1,50,000; Indu Omprakash Bhandari 45,000; Sarita Shyam Sundar Nirmal 39,000.
• Total: 15,87,100 Equity Warrants.

What a retail investor may note

• The company is going back to shareholders with a fresh warrant proposal in place of the earlier one, and the size is smaller: from 23,90,000 warrants to 15,87,100 warrants, and from an aggregate of ₹16,61,05,000 to up to ₹1,58,71,000.
• Warrants convert into equity shares later, so conversion would add shares to the existing share base over time; the timing depends on when allottees pay the full price and convert, within the 18-month window.
• The fresh issue is at the proposal stage: it requires shareholder approval through an Extra Ordinary General Meeting, and approval of regulatory/statutory authorities as applicable.
• The price of the new warrants will be set as per the SEBI ICDR Regulations.

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