Board approves ₹13 crore warrant issue to promoter group and higher authorised capital

Board approved issuing up to 5,67,686 convertible warrants at ₹229 each on a preferential basis, aggregating ₹13,00,00,094.

Mon 28 Sep 2026

Warrant Issue Size

5,67,686 convertible warrants at ₹229 each, aggregating ₹13,00,00,094

Upfront Payment

₹57.25 per warrant (25%); balance ₹171.75 on conversion

Warrant Exercise Period

18 months from allotment

Authorised Capital Increase

From ₹10,00,00,000 to ₹15,00,00,000 (1,50,00,000 shares of ₹10)

Allottees

All 3 proposed allottees belong to the promoter group — Vishal, Shobha and Shailesh Telge

What the board approved

• Increase in authorised share capital from ₹10,00,00,000 (1,00,00,000 equity shares of ₹10 each) to ₹15,00,00,000 (1,50,00,000 equity shares of ₹10 each), with Clause 5 of the Memorandum to be substituted accordingly.
• Issue of up to 5,67,686 convertible warrants on a preferential basis, for cash, at ₹229 each, aggregating ₹13,00,00,094.
• Convening an extraordinary general meeting on Friday, October 23, 2026 at 11.00 a.m. via video conferencing for shareholder approval.

How the warrant money comes in

Each warrant converts into 1 fully paid equity share of face value ₹10. The subscriber pays ₹57.25 per warrant (25%) upfront and the balance ₹171.75 (75%) at the time of conversion. Warrants may be exercised in one or more tranches during a period of 18 months from allotment. The board states the issue price is not below the floor price computed under Chapter V of the SEBI ICDR Regulations.

Who is subscribing

There are 3 investors, all in the promoter group

• Vishal Uttam Telge: pre-issue 14,407 shares; proposed 2,18,340; post-issue 2,32,747 assuming full conversion.
• Shobha Uttam Telge: pre-issue 30,007; proposed 1,74,673; post-issue 2,04,680.
• Shailesh Uttam Telge: pre-issue 85,200; proposed 1,74,673; post-issue 2,59,873.

Other disclosures

• Consideration is cash. The company has received an investment commitment letter dated September 28, 2026 from the investors.
• The preferential issue will not result in any change in control or management.
• The company is not providing any loan, guarantee, reimbursement, security or other financial assistance to the investors for subscription or exercise.
• No assured return, downside protection, put option or similar arrangement has been provided.

How investors may read it

Promoter group members committing fresh cash at ₹229 per warrant is often read as an alignment signal, while the eventual conversion of up to 5,67,686 warrants into equity would raise the share count and dilute existing holders proportionately. The upfront portion is 25%; if warrants are not converted within 18 months, that portion is forfeited under the standard SEBI framework. Everything remains subject to shareholder approval at the EGM. The meeting commenced at 2.00 p.m. and concluded at 6.00 p.m.

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