BSE listing approval for 4,16,667 equity shares issued to non-promoters on warrant conversion
iStreet Network Ltd has received listing approval from BSE Limited for 4,16,667 equity shares issued to non-promoters on a preferential basis, after conversion of warrants.
- Shares issued
- 4,16,667 equity shares issued to non-promoters on a preferential basis
- Face value
- Rs. 4/- each
- Issue premium
- premium of Rs. 2/- each
What the company informed
iStreet Network Ltd has received listing approval from BSE Limited for 4,16,667 equity shares issued to non-promoters on a preferential basis, pursuant to conversion of warrants.
The shares carry a face value of Rs. 4/- each and were issued at a premium of Rs. 2/- each. Their distinctive numbers run from 71200004 to 71616670.
Listing approval, not trading approval
- This is the exchange's clearance for the shares to be listed.
- It is not yet the green light to trade these shares. BSE has stated that trading approval in these shares will be granted only after the company files certain documents with the exchange.
What the company still has to file
- Listing approval from the National Stock Exchange of India Ltd. (if applicable).
- Confirmation letters from NSDL/CDSL about crediting these shares to the respective beneficiary accounts and admitting the capital to the depository system.
- Confirmation letters from NSDL/CDSL about lock-in of pre-preferential holding (if applicable).
- These approvals are to be shared together.
What a preferential issue on warrant conversion means
A warrant is a right to be given shares later, on payment of the balance amount. When warrants are converted, new equity shares are allotted to the person who held the warrants. Here, that allotment was made to non-promoters, and those shares now move to the listing stage. For a retail holder, the number of shares in the company is what changes with an allotment of this kind.
Timelines flagged by the exchange
- The company is to apply for trading approval within seven working days from the date of the grant of listing approval.
- If there is a change exceeding two per cent of the total paid-up share capital of the company, the company is to file the shareholding pattern in XBRL mode, as required under Regulations 31(1)(c) of SEBI LODR Regulations, 2015.
How to read this as an investor
This is a factual update that a step in a previously approved corporate action has been completed at the exchange level. The figures that matter for scale are the 4,16,667 shares, the Rs. 4/- face value and the Rs. 2/- premium per share. The next visible milestones would be the updates mentioned above and the subsequent trading approval.
More numbers
- Equity shares approved for listing4,16,667
- Face value per equity shareRs. 4/-
- Premium per equity shareRs. 2/-
- Paid-up capital change threshold for XBRL updatetwo per cent
- Time to apply for trading approvalseven working days
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