Promoter group gets 37,06,665 shares on warrant conversion; group holding rises to 53.67%
Three promoter group members were allotted 37,06,665 equity shares (12,35,555 each) on conversion of warrants at Rs. 13.5 per warrant (75% of Rs. 18 issue price).
- Shares allotted on warrant conversion
- 37,06,665 equity shares (12,35,555 each to three promoter group members)
- Conversion price per warrant
- Rs. 13.5 per warrant (75% of Rs. 18 issue price)
- Promoter group holding before
- 50.92%
- Promoter group holding after
- 53.67%
- Outstanding warrants remaining
- 1,85,33,335 warrants
What happened
The company received a disclosure under Regulation 29(1) of the SEBI Takeover Regulations and Regulation 7(2) of the SEBI Insider Trading Regulations from promoter group members, following allotment of equity shares on conversion of warrants approved by the Board on September 25, 2026.
The allotment
- Total shares allotted: 37,06,665 equity shares, by way of preferential allotment.
- Tyra Richard Theknath: 12,35,555 shares (2.43%)
- Tyrus Richard Theknath: 12,35,555 shares (2.43%)
- Thea Richard Theknath: 12,35,555 shares (2.43%)
- Conversion amount: Rs. 13.5 per warrants, being 75% of the Rs. 18 per warrant issue price.
- Value of Tyra's conversion: 1,66,79,992.50
Holding change
- Promoter and promoter group holding before: 50.92%
- Promoter and promoter group holding after: 53.67% (2,73,33,153 shares)
- Each of the three now also holds 61,77,778 / 61,77,779 warrants; total outstanding warrants with them: 1,85,33,335.
- On a fully diluted basis, promoter and promoter group holding is shown at 54.70%.
Capital base
- Equity/voting capital before: Rs. 23,20,18,920 (4,64,03,784 equity shares of INR 5 each)
- Equity/voting capital after: Rs.25,46,17,235 (5,09,23,447 equity shares of INR 5 each)
- Total diluted capital after: Rs. 41,91,57,390 (8,38,31,478 equity shares of INR 5 each), assuming all 3,74,27,694 warrants allotted are converted.
Other details
- The shares issued on conversion rank pari passu with existing equity shares, including for dividend, voting rights and other corporate benefits.
- Of Dax Francis Theknath's 96,18,000 equity shares, 61,80,000 equity shares are pledged.
How to read it
Warrant conversion brings fresh money into the company and increases the number of shares outstanding, which dilutes existing holders' percentage share. Here the incoming shares go to promoter group members, so the promoter group's stake rises while public shareholding proportionately reduces. A large block of warrants remains unconverted, so further shares may be issued if those are exercised.
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More numbers
- Equity shares allotted on warrant conversion37,06,665
- Shares allotted to each of three promoter group members12,35,555
- Stake acquired by each member2.43%
- Promoter group holding before acquisition50.92%
- Promoter group holding after acquisition53.67%
- Promoter group holding on fully diluted basis54.70%
- Warrants outstanding with the three after conversion1,85,33,335
- Warrant exercise amountRs. 13.5 per warrants
- Warrant issue priceRs. 18 per Warrant
- Equity/voting capital before acquisitionRs. 23,20,18,920
- Equity/voting capital after acquisitionRs.25,46,17,235
- Value of Tyra's conversion transaction1,66,79,992.50
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