Board approves allotment of 13,98,000 convertible warrants on preferential basis

Board approved allotment of 13,98,000 warrants on a preferential basis, each convertible into one equity share.

Mon 12 Oct 2026

Warrants Allotted

13,98,000 warrants, each convertible into one equity share

Issue Price per Warrant

₹126.50 per warrant (25% received; ₹94.88 payable at conversion)

Issue Size

Amount received so far ₹4.42 crore; total issue size ₹17.68 crore

What was approved

• The Board of Directors at its meeting on October 12, 2026 considered and approved the allotment of 13,98,000 warrants, convertible into an equal number of equity shares, on a preferential basis.
• The allotment follows Board approval on July 31, 2026, members' approval at the Annual General Meeting on August 29, 2026, and BSE in-principle approval dated September 29, 2026.
• The warrants are allotted to persons belonging to the promoter and non-promoter group.

What the numbers say

• Issue price per warrant: ₹126.50.
• Warrant subscription price paid now: ₹31.625 per warrant, being 25% of the issue price.
• Warrant exercise price payable later: ₹94.875 per warrant, being 75% of the issue price.
• Amount received as warrant subscription price: ₹ 4.42 crore (Four Crore Forty-Two Lakh Eleven Thousand Seven Hundred Fifty).
• Total value of the issue: ₹17.68 crore (Rupees Seventeen Crore Sixty-Eight Lakh Forty Seven Thousand).
• The balance consideration payable at the time of conversion is ₹94.88 per warrant.
• Each warrant converts into one fully paid-up equity share of face value ₹10.

Who gets the warrants

• Devinder Garg: 3,00,000 warrants (Promoter).
• Vaneera Garg: 3,00,000 warrants (Promoter).
• Toshak Garg: 3,00,000 warrants (Promoter).
• Daksh Garg: 3,00,000 warrants (Promoter).
• Sangeeta Pareekh: 51,000 warrants (Non-Promoter).
• Securocrop Securities India Private Limited: 1,02,000 warrants (Non-Promoter).
• Saket Agarwal: 30,000 warrants (Non-Promoter).
• Vanshika Sharma: 3,000 warrants (Non-Promoter).
• Manit Sawhney: 12,000 warrants (Non-Promoter).

What happens next

• The allottees pay the remaining ₹94.88 per warrant when they choose to exercise the conversion option.
• Only on such exercise and payment are equity shares allotted against each warrant.
• The conversion is to be done in line with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

How a retail investor can read this

• A warrant is a right to receive a share later on payment of the balance amount; it is not a share today.
• Because promoters are among the allottees, the allotment can be seen as promoter participation in the fund-raising alongside non-promoter investors.
• When the warrants are converted, the number of equity shares of the company will increase by the same number of warrants, which changes the share capital base.

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