Mini Diamonds India523373Preferential allotment
Board approves allotment of 1,11,00,000 convertible warrants to promoters
Board approved allotment of 1,11,00,000 convertible warrants on a preferential issue basis.
By ScoutQuest · · 2 min read
1,11,00,000Total convertible warrants allotted
Warrants Upendra Narottamdas Shah55,50,000
Warrants Ronish U Shah55,50,000
- Warrants Allotted
- 1,11,00,000 convertible warrants
- Issue Price Per Warrant
- INR 8/- (face value INR 2/- plus premium INR 6/-)
- Upfront Subscription Received
- 25% received upfront, totalling INR 2,22,00,000; balance 75% payable at conversion, within 18 months
The company has allotted convertible warrants to promoter-side individuals on a preferential basis, after receiving the warrant subscription amount from them.
What was approved
- The Board of Directors, by a resolution passed through circular on Wednesday, October 13, 2026, approved the allotment of 1,11,00,000 (One Crore Eleven Lakhs) convertible warrants.
- The allotment is by way of a preferential issue on a private placement basis and follows the company's letters dated July 09, 2026 and August 10, 2026.
Who received the warrants
- Upendra Narottamdas Shah, Promoter (Individual): 55,50,000 warrants
- Ronish U Shah, Promoter Group (Individual): 55,50,000 warrants
- The update identifies Mr. Upendra Narottamdas Shah as Managing Director and Mr. Ronish U Shah as Executive Director of the company.
Price and conversion terms
- Each warrant is convertible into 1 fully paid-up equity share of face value INR 2/- each.
- The Warrant Issue Price is INR 8/- per warrant, which includes a premium of INR 6/-.
- The conversion is one share per warrant, so the full 1,11,00,000 warrants would convert into an equal number of equity shares.
Money received and balance due
- Under the terms, 25% of the Warrant Issue Price has been received upfront.
- The total subscription amount received is INR 2,22,00,000, being INR 1,11,00,000 from each allottee.
- The remaining 75% of the Warrant Issue Price is payable when the holder chooses to convert the warrants into shares.
Time available to convert
- A warrant holder can exercise the warrant in one or more tranches at any time on or before the expiry of 18 (Eighteen) months from the date of allotment.
How to read this
- This is a way for the company to raise money where the allottees pay a part now and the rest later, at the time of getting shares.
- Because the warrants have gone to promoter-side individuals, it shows money coming in from the promoter group.
- If exercised, the conversion adds new equity shares, which would change the shareholding pattern and reduce the percentage stake of existing shareholders.
25%Subscription amount received (share of Warrant Issue Price
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More numbers
- Total convertible warrants allotted1,11,00,000
- Warrants allotted to Upendra Narottamdas Shah55,50,000
- Warrants allotted to Ronish U Shah55,50,000
- Total warrant subscription amount received2,22,00,000
- Warrant Issue Price per warrantINR 8/-
- Face value per equity shareINR 2/-
- Subscription amount received (share of Warrant Issue Price)25%
- Time to exercise warrants from date of allotment18 (Eighteen) months
Source: BSE · 14 Oct 2026
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