Promoter group gets 37,06,665 shares on warrant conversion; holding rises to 53.67%
Promoter group allotted 37,06,665 equity shares on 25 Sep 2026 via warrant conversion (preferential allotment).
- Shares Allotted via Warrant Conversion
- 37,06,665 equity shares on 25 Sep 2026
- Promoter + PAC Holding
- Increased from 50.92% to 53.67%
- Equity Capital Expansion
- 5,09,23,447 shares (from 4,64,03,784 shares)
- Outstanding Convertible Warrants
- 1,85,33,335 warrants still pending conversion
What was shared
The company forwarded a disclosure received from its promoter, Mr. Richard Francis Theknath, on behalf of the promoters, promoter group and persons acting in concert, under Regulation 29(2) of the SEBI Takeover Regulations.
What happened
- The Board approved allotment of 37,06,665 equity shares on 25 September 2026 upon conversion of warrants, by way of preferential allotment.
- Allotted equally to three promoter group members: Ms. Thea Richard Theknath, Mr. Tyrus Richard Theknath and Ms. Tyra Richard Theknath — 12,35,555 shares each, 2.43% each.
- These new shares rank pari passu with existing equity shares for dividend, voting rights and other corporate benefits.
Shareholding change
- Promoter and PAC holding before: 2,36,26,488 shares, 50.92%.
- After: 2,73,33,153 shares, 53.67%.
- Largest individual holding: Richard Francis Theknath at 1,08,48,452 shares, now 21.30% (was 23.38%).
- Dax Francis Theknath holds 96,18,000 shares, now 18.89%.
Capital base
- Equity capital before: Rs. 23,20,18,920 (4,64,03,784 shares of INR 5 each).
- Equity capital after: Rs.25,46,17,235 (5,09,23,447 shares of INR 5 each).
- Total diluted capital after: Rs. 41,91,57,390 (8,38,31,478 shares), assuming full conversion of all 3,74,27,694 warrants allotted.
Warrants still outstanding
The three promoter group members together still hold 1,85,33,335 warrants (61,77,778 / 61,77,778 / 61,77,779), equal to 22.11% of diluted capital. Warrants carry no voting rights until converted. On a fully diluted basis, promoter and PAC holding is shown at 54.70%.
Encumbrance noted
Out of Dax Francis Theknath's 96,18,000 equity shares, 61,80,000 equity shares are pledged, as stated in the notes to the disclosure.
How to read this
Promoters putting in fresh money through warrant conversion raises their stake and brings capital into the company, but the wider share count also rises, which dilutes existing holders proportionately. Further conversion of the remaining warrants would expand the capital base further.
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More numbers
- Shares allotted on warrant conversion37,06,665 equity shares
- Shares allotted to each of three promoter group members12,35,555
- Promoter+PAC holding before50.92%
- Promoter+PAC holding after53.67%
- Promoter+PAC shares before2,36,26,488
- Promoter+PAC shares after2,73,33,153
- Equity capital beforeRs. 23,20,18,920
- Equity capital afterRs.25,46,17,235
- Shares outstanding after5,09,23,447 Equity Shares
- Total diluted capital afterRs. 41,91,57,390
- Warrants still held by promoter group1,85,33,335
- Pledged shares of Dax Francis Theknath61,80,000 equity shares
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