Board approves conversion of 50,65,000 warrants into equity shares, allotted on preferential basis

Board approved conversion of 50,65,000 warrants into 50,65,000 equity shares of ₹10/- each, allotted on a preferential basis to 12 allottees.

Mon 5 Oct 2026

Warrants Converted

50,65,000 warrants into 50,65,000 equity shares of ₹10/- each

Issue Price

Rs. 20.00/- per Equity Share

Amount Received on Conversion

Rs. 15.00/- per share (75% of total consideration)

Revised Paid-up Capital

₹15,06,50,000/-

Number of Allottees

12 allottees

The company informed the exchanges about a change in its share capital after warrants were converted into equity shares.

What happened

• The Board of Directors, at its meeting held on Monday, 5th October, 2026, considered and approved the conversion of 50,65,000 warrants into an equivalent number of 50,65,000 Equity Shares of the company having a face value of ₹10/- each.
• The Board allotted 50,65,000 Equity Shares of face value ₹10/- each, fully paid-up, pursuant to the conversion of the warrants, which were originally allotted by way of preferential allotment to the respective persons/entities.
• The details of the allotment are set out in the annexure to the disclosure.

Price and payment

• The issue price is Rs. 20.00/- per Equity Share.
• On conversion, the balance amount was received at Rs. 15.00/- per Equity Share, which is 75% of the total consideration.
• At the time of subscription and allotment of each warrant, an amount equal to 25% of the warrant issue price had been received, i.e. Rs. 5.00/- per warrant.

What it does to the share capital

• Consequent to the conversion and allotment, the Issued, Subscribed and Paid-up Equity Share Capital of the company stands increased to ₹15,06,50,000/-, comprising 1,50,65,000 fully paid-up Equity Shares of ₹10/- each.
• The Equity Shares so allotted rank pari passu in all respects with the existing Equity Shares, including entitlement to dividend and other corporate benefits, subject to applicable laws.

Who received the shares

The allotment was made to 12 allottees. The post-issue holdings as set out in the update are:

• Rajnikant C Shukla HUF: 790,000 shares, 5.24%
• Sellwin Traders Limited: 790,000 shares, 5.24%
• Mideast Healthcare Private Limited: 790,000 shares, 5.24%
• Hetalben Monilbhai Vora: 600,000 shares, 3.98%
• Long View Financial Services Pvt Ltd: 600,000 shares, 3.98%
• Helly Jayeshbhai Raval: 475,000 shares, 3.15%
• Mitesh Patel: 365,000 shares, 2.42%
• Priyanka Mittal: 300,000 shares, 1.99%
• Rahul Mittal: 300,000 shares, 1.99%
• Amit B Shah: 25,000 shares, 0.17%
• Abhay Bipinchandra Shah: 25,000 shares, 0.17%
• Montukumar Ganpatbhai Patel: 5,000 shares, 0.03%

For each of these allottees, the shareholding immediately prior to the allotment is shown as 0 shares.

Warrant terms

• Warrant holders are entitled to exercise the warrants in one or more tranches within a period of 18 (Eighteen) months from the date of allotment of the warrants, by issuing a written notice specifying the number of warrants proposed to be exercised.
• If a warrant holder does not exercise the warrants within that period, the unexercised warrants lapse and the amount paid on them stands forfeited by the company.
• The number of Equity Shares to be allotted on exercise of a warrant is subject to appropriate adjustments as permitted under applicable rules, regulations and laws.

What to make of it

• The event converts instruments already issued into equity shares and brings in the balance subscription money on those warrants.
• The equity base expands by 50,65,000 shares, so existing holdings represent a smaller proportion of the company than before.
• The shares allotted are ordinary equity shares carrying the same rights as the existing shares.

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