Board approves allotment of 18.5 lakh convertible warrants on preferential basis at Rs.175 each
Board approved allotment of 18.5 lakh convertible warrants on a preferential basis to promoter-category persons and identified non-promoter allottees.
By ScoutQuest · · 2 min read
- Warrants Allotted
- 18.5 lakh convertible warrants on a preferential basis
- Issue Price / Size
- Rs.175 per warrant, aggregating ~Rs. 32.38 crore
- Conversion Terms / Post-Issue Capital
- 75% payable within 18 months; on full conversion, total equity 65,44,557 shares
What the company told the exchange
The Board of the company met on October 21, 2026 and approved the allotment of 18.5 lakh convertible warrants on a preferential basis to persons belonging to the promoter category and to certain identified non-promoter investors. The company states it has already received in-principle approval for the issue from BSE.
The numbers
- 18.5 lakh warrants allotted, each carrying an entitlement to one equity share of face value Rs.10.
- Issue price is Rs.175 per warrant, aggregating ~Rs. 32.38 crore.
- The allottee pays the remaining 75% of the issue price when applying for shares, within 18 months from the date of allotment.
- Shares issued on conversion will rank pari passu with the existing equity shares.
Who gets them
- 4 allottees in all, named in Annexure A of the update, split between promoter-category persons and identified non-promoter investors.
- The annexure sets out pre-issue holdings, warrants allotted and post-issue holdings, with the post-issue figures computed on the assumption that all warrants are converted. On that basis, allottee Ajay Dilkush Sarupria would hold 36.71%.
- Total equity shares after full conversion would be 65,44,557.
What changes right now
- The company says there is no change in the paid-up equity share capital as a result of the warrant issue. The capital changes only when warrants are converted into shares.
- A warrant is a right to subscribe, not a share. The allottee decides whether to exercise it within the 18-month window.
How to read it
- A preferential allotment to promoter-category persons raises their stake once the warrants are converted; the post-issue percentages given are on a full-conversion basis, not today's position.
- The balance 75% of the issue price is the money that would come in later, and only if the conversion right is exercised within the stated period.
- Any conversion or lapse of the warrants would be a separate disclosure to the exchange.
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Board approves allotment of 18.5 lakh convertible warrants on preferential basis at Rs.175 each
21 Oct 2026
More numbers
- Convertible warrants allotted18,50,000
- Issue price per warrantRs.175/-
- Total amount for which warrants are issuedRs. 32,37,50,000/-
- Remaining portion of issue price payable later75%
- Conversion window from date of allotment18 months
- Total equity shares assuming full conversion65,44,557
- Post-issue stake of Ajay Dilkush Sarupria (full conversion)36.71%
- Number of investors4
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