Board allots 1,21,92,125 equity shares and 28,12,315 warrants on preferential basis at Rs. 14.33 each

Board approved allotment of 1,21,92,125 equity shares at Rs. 14.33 per share (face value Rs. 5, premium Rs. 9.33), raising Rs. 17,47,13,151 from 46 non-promoter allottees.

Sat 26 Sep 2026

Equity shares allotted

1,21,92,125 shares at Rs. 14.33 per share

Equity share issue proceeds

Rs. 17,47,13,151

Warrants allotted

28,12,315 warrants at Rs. 14.33 each

Warrant upfront collection

Rs. 1,00,75,118.49 (25% of Rs. 4,03,00,474)

Total equity shares issued and allotted

5,54,92,125

What was announced

The Board, at its meeting on September 25, 2026, approved two preferential allotments following shareholder approval at the EGM of July 17, 2026 and in-principle approval from BSE dated September 10, 2026.

Equity share allotment

• 1,21,92,125 equity shares allotted at Rs. 14.33 per share, face value Rs. 5 each with a premium of Rs. 9.33 per share.
• Total consideration: Rs. 17,47,13,151.
• Allotted to 46 investors, all in the Non-Promoter category. Larger allottees include Veloce Opportunities Fund II (21,98,200 shares for Rs. 3,15,00,206.00), Veloce Innovations LLP (17,44,600 shares for Rs. 2,50,00,118.00) and Bridge India Fund (15,70,131 shares for Rs. 2,24,99,977.23).
• These shares rank pari-passu with existing equity shares and are locked-in for the period specified under Chapter V of SEBI ICDR Regulations, 2018.
• Equity shares issued and subscribed/allotted shown as 5,54,92,125.

Warrant allotment

• 28,12,315 warrants allotted at Rs. 14.33 per warrant, total issue size upto Rs. 4,03,00,474.
• Upfront subscription price of Rs. 3.5825 per warrant, being 25% of the issue price, has been received from 6 allottees, aggregating Rs. 1,00,75,118.49.
• Balance exercise price of Rs. 10.7475 per warrant (75%) is payable on conversion, which must happen within 18 months of allotment.
• Each warrant converts into one fully paid-up equity share of Rs. 5 face value, ranking pari passu with existing shares.
• If not exercised within 18 months, the warrants lapse and the amount paid stands forfeited by the Company.
• Warrant allottees include promoters Rajinder Kaul (4,77,467 warrants, Rs. 17,10,525.53) and Arun Kaul (3,27,927 warrants, Rs. 11,74,798.48), plus four non-promoters.
• Warrants are locked-in per Chapter VII of SEBI ICDR Regulations, 2018. The update states there is no change in capital due to the allotment of warrants.

How investors may read it

The company has brought in fresh capital through the equity allotment, with a further inflow possible if the warrants are converted. Preferential allotments expand the share count, which spreads existing earnings over a larger base; the warrant portion adds shares only when and if converted. Promoter participation in the warrant tranche is a detail some investors track. Investors may look out for subsequent updates on listing of the new shares and on warrant conversions over the 18-month window.

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