Board approves allotment of 8,04,23,279 equity shares on warrant conversion
Board approved conversion of ~8.04 crore warrants into equity shares at Rs. 9.45/- per share for non-promoter group holders.
By ScoutQuest · · 2 min read
- Warrants converted and allotted
- 8,04,23,279 equity shares at Rs. 9.45/- per share (non-promoter group holders)
- Paid-up share capital
- ~Rs. 135.59 crore (from ~Rs. 127.55 crore)
- Q2 revenue / net profit
- Revenue Rs. 34,315.75 lakh; net profit Rs. 1,762.34 lakh
Two decisions came out of the Board meeting of 04 November 2026.
What the Board approved
- The Standalone and Consolidated Un-Audited Financial Results for the quarter and half year ended 30 September 2026, along with the Limited Review Reports. The review reports carry unmodified opinions.
- The conversion of ~8.04 crore warrants into equity shares and the allotment of those shares to the respective warrant holders.
Warrant conversion in detail
The conversion requests came from warrant holders belonging to the non-promoter group, M/s India Coke and Power Private Limited and M/s IMR Steel Private Limited, for ~8.04 crore warrants out of the total ~31.75 crore warrants held by them. The conversion is on a preferential basis at an issue price of Rs. 9.45/- per equity share, upon receipt of the balance of the issue price in respect of the warrants proposed to be converted.
- Warrants converted and allotted: 8,04,23,279
- Balance warrants still remaining for conversion: 23,70,37,021
- The shares so allotted will be issued in dematerialised form and will rank pari passu with the existing equity shares.
What happens to share capital
- The issued, subscribed and paid-up share capital has increased from ~Rs. 127.55 crore to ~Rs. 135.59 crore.
Quarter and half year numbers (standalone, Rs. in lakh)
- Revenue from operations for the quarter ended 30 September 2026: 34,315.75
- Net profit for the same quarter: 1,762.34
The company also enclosed its Regulation 52(4) and 54(2) disclosures and a certificate on deviation or variation in utilisation of funds raised, dated 20th and 30th April 2026, with the update.
How to read this
The allotment converts a part of the outstanding warrants into shares and brings in the balance subscription money on the warrants being converted. Since fresh shares are issued, the total number of equity shares goes up, so future earnings are shared across a larger number of shares than before. The remaining warrants, if converted later, would add further to the share count under the same terms.
Also from Steel Exchange India
Monitoring agency report: nil deviation on Rs. 341.58 crore warrant proceeds
4 Nov 2026
Board approved conversion of ~8.04 crore warrants and September quarter results
4 Nov 2026
Board approved Q2 results and conversion of ~8.04 crore warrants into equity shares
4 Nov 2026
More numbers
- Warrants converted into equity shares and allotted8,04,23,279
- Total warrants held by the warrant holders31,74,60,300
- Balance warrants remaining for conversion23,70,37,021
- Issue price per equity shareRs. 9.45/-
- Paid-up share capital after allotmentRs. 1,35,59,41,691/-
- Paid-up share capital before allotmentRs. 1,27,55,18,412/-
- Revenue from operations, quarter ended 30.09.2026 (Rs. in lakh)34,315.75
- Net profit for the quarter ended 30.09.2026 (Rs. in lakh)1,762.34
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