Allotment of 51,55,00,000 Convertible Warrants at INR 19.40 on Preferential Basis
The company allotted 51,55,00,000 convertible warrants at INR 19.40 each (premium INR 17.40) on a preferential basis.
By ScoutQuest · · 1 min read
- Warrants Allotted
- 51,55,00,000 convertible warrants
- Issue Price per Warrant
- INR 19.40 each (premium INR 17.40)
- Upfront Subscription Received
- INR 250,01,75,000 (25% of issue price)
- Balance Payment Period
- 75% payable within 18 months
- Conversion Terms
- Each warrant converts into one equity share of face value INR 2
What happened
The Issuance Committee on September 24, 2026 allotted an aggregate of 51,55,00,000 warrants at an issue price of INR 19.40 per warrant, which includes a premium of INR 17.40. Each warrant is convertible into one fully paid-up equity share of face value INR 2.
Who got them
- Phanes Limited (Promoter Group): 22,52,50,000 warrants
- Hermes Limited (Promoter Group): 14,02,50,000 warrants
- EBISU Global Opportunities Fund Limited (Non-Promoter Group): 10,00,00,000 warrants
- Nyaasa Global Fund VCC – Nyaasa India EM Sub Fund (Non-Promoter Group): 5,00,00,000 warrants
All four held Nil prior to subscription.
Money received
The company has received INR 250,01,75,000 as subscription money, equal to 25% of the issue price.
What happens next
The balance 75% of the issue price may be paid in one or more tranches within 18 months from the date of allotment. On such payment the warrants convert into an equivalent number of equity shares.
How to read it
This is a preferential allotment under Chapter V of SEBI ICDR Regulations, 2018, following the shareholders' authorisation of July 2, 2026 and in-principle approvals from BSE and NSE on September 9, 2026. Fresh capital comes into the company, and promoter group entities are participating. If and when the warrants convert, the equity base expands by up to 51,55,00,000 shares, which dilutes existing shareholders' proportionate holding. Warrants can also lapse if the balance money is not paid in the stipulated period.
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More numbers
- Warrants allotted51,55,00,000
- Issue price per warrantINR 19.40
- Premium per warrantINR 17.40
- Face value per shareINR 2
- Subscription money receivedINR 250,01,75,000/-
- Upfront portion of issue price25%
- Balance payable75%
- Conversion period18 months
- Warrants to Phanes Limited22,52,50,000
- Warrants to Hermes Limited14,02,50,000
- Warrants to EBISU Global Opportunities Fund Limited10,00,00,000
- Warrants to Nyaasa Global Fund VCC5,00,00,000
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