Board approved conversion of ~8.04 crore warrants and September quarter results
Board meeting of 04th November, 2026.
By ScoutQuest · · 2 min read
- Warrants converted
- ~8.04 crore warrants into equity shares at Rs. 9.45/- each
- Paid-up share capital
- ~Rs. 135.59 crore, comprising ~135.59 crore equity shares
- Warrants outstanding
- 23,70,37,021 warrants of these holders remain to be converted
Asset cover update that also carries the quarterly numbers
The exchange headline refers to asset cover certificates for the quarter ended 30.09.2026. The board meeting outcome shared alongside records the September quarter results and a preferential warrant conversion, so both are covered here.
Quarter ended 30.09.2026
- Revenue from operations was 34,315.75 lakh for the quarter.
- Net profit for the quarter was 1,762.34 lakh.
- No exceptional items were reported for the quarter.
- The board approved the standalone and consolidated un-audited results along with the limited review reports, which carry unmodified opinions, meaning they are free from qualifications.
Warrant conversion
- The board approved conversion of ~8.04 crore warrants into equity shares and the allotment of those shares to the warrant holders.
- The holders are from the non-promoter group: M/s. India Coke and Power Private Limited and M/s. IMR Steel Private Limited.
- Issue price is Rs. 9.45/- per equity share, and conversion happens on receipt of the balance 75% of the issue price for the warrants being converted.
- After this allotment, 23,70,37,021 warrants of these holders remain outstanding for conversion.
What changes in the share capital
- The issued, subscribed and paid-up share capital of the company increases to ~Rs. 135.59 crore.
- This corresponds to ~135.59 crore equity shares.
- The new shares are issued in dematerialised form and rank pari passu with the existing equity shares in all respects.
What it can mean for a retail holder
- Because the number of equity shares rises, each existing share represents a slightly smaller slice of the company, which is commonly called dilution.
- On the other side, the company has received the balance 75% of the issue price on the warrants being converted, so money comes into the company.
- The warrants still remaining, if converted later, would increase the share count further.
- The conversion happens at a pre-fixed price of Rs. 9.45/- per equity share, which was set when the warrants were originally issued.
Along with the results and the allotment, the update encloses the security cover certificate for non-convertible debt securities and the certificate of deviation or variation in utilisation of funds raised, which are periodic disclosures to the exchanges.
Also from Steel Exchange India
Monitoring agency report: nil deviation on Rs. 341.58 crore warrant proceeds
4 Nov 2026
Board approves allotment of 8,04,23,279 equity shares on warrant conversion
4 Nov 2026
Board approved Q2 results and conversion of ~8.04 crore warrants into equity shares
4 Nov 2026
More numbers
- Revenue from operations, quarter ended 30.09.202634,315.75 lakh
- Net profit for the quarter ended 30.09.20261,762.34 lakh
- Warrants converted into equity shares8,04,23,279
- Issue price per equity share on conversionRs. 9.45/-
- Balance 75% of issue price received on converted warrants75%
- Warrants remaining outstanding for conversion23,70,37,021
- Issued, subscribed and paid-up share capital after allotmentRs. 1,35,59,41,691/-
- Equity shares after allotment1,35,59,41,691
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