RARaymond500330Preferential allotment

Raymond revises post-issue stake for Minerva Ventures Fund warrants to 4.31%

Raymond has updated a part of the explanatory statement to its EOGM notice after further queries from the stock exchanges on its preferential issue of share warrants.

By ScoutQuest · Thu 22 Oct 2026, 4:52 PM IST · 2 min read

Warrants to be allotted

33,28,686 warrants to Minerva Ventures Fund

Revised post-issue holding (fully diluted)

4.31% instead of 4.35% earlier

Basis of revision

assumes exercise of ~6.35 lakh Employee Stock Options outstanding as on September 8, 2026

Why this update was made

Raymond had informed the exchanges about a preferential issue of securities on a private placement basis, and had applied for in-principle approval. The exchanges raised queries, which the company replied to. Further queries followed, in which the exchanges suggested that certain information in the explanatory statement to the EOGM notice be updated. This update puts that updated information out to shareholders and investors.

The shareholder approval

• The EOGM notice was issued on September 11, 2026.
• The EOGM was held on October 3, 2026, and the issue was approved with the requisite majority.

What exactly has been modified

Point 22 of the EOGM notice described the proposed allottee and the resulting shareholding. That table now reads differently in one respect — the post-preferential issue holding.

• Proposed allottee: Minerva Ventures Fund
• Category: Non-Promoter Group Entity / Public Category
• Number of warrants to be allotted: 33,28,686
• Pre-preferential issue holding: 0%
• Post-preferential issue holding as originally stated: 4.35%
• Post-preferential issue holding as now modified: 4.31%

Why the percentage changed

The revised footnote explains the basis. The post-preferential percentage is calculated on a fully diluted basis, assuming full conversion of share warrants already issued and of the warrants proposed to be issued under this issue, and also the exercise of ~6.35 lakh Employee Stock Options outstanding as on the date of the notice, that is September 8, 2026.

In simple terms, the final holding percentage is worked out on a larger total share count once those employee stock options are also counted. The number of warrants going to the allottee has not changed; only the denominator used (the total fully diluted share capital) has been widened, so the resulting percentage is slightly smaller — 4.31% instead of 4.35%.

What stays the same

The company states that there will be no change in the composition of the Board, and no change in the control of the Company, as a consequence of the proposed preferential issue. The allottee remains a non-promoter group entity / public category holder, coming in from a pre-issue holding of 0%.

How a retail investor can read this

• This is a clarification and update to a disclosure, not a new transaction. The warrant count and the identity of the allottee are unchanged.
• The revision is arithmetical: a fully diluted percentage restated after including outstanding employee stock options in the share count.
• The company has also restated that the issue does not alter Board composition or control of the company.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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