Board approves preferential issue of 12,22,200 equity shares and 5,00,400 warrants

Board of Directors, at its meeting on October 05, 2026, approved the issue of equity shares and warrants on a preferential basis.

Mon 5 Oct 2026

Equity Shares Issued

12,22,200 equity shares at Rs.336.60 each

Equity Issue Aggregate Amount

Rs. 41,13,92,520

Warrants Issued

Up to 5,00,400 fully convertible warrants at Rs.336.60 each

Warrant Issue Aggregate Amount

up to Rs. 16,84,34,640

Proposed Allottees

33 proposed allottees

Board approves fresh equity shares and warrants

The board of directors, at its meeting on Monday, October 05, 2026, considered and approved the issue of equity shares and fully convertible warrants on a preferential basis. The issuance is subject to the approval of the members of the company and applicable regulatory authorities.

What is being issued

• 12,22,200 equity shares of face value of Rs. 10 each, at an issue price of Rs.336.60 per equity share (inclusive of a premium of Rs. 326.60 per equity share), aggregating to Rs. 41,13,92,520, to persons belonging to the public category (Non Promoter/Public).
• Up to 5,00,400 fully convertible warrants at an issue price of Rs.336.60 per warrant (inclusive of a premium of Rs. 326.60 per warrant), aggregating up to Rs. 16,84,34,640, to Promoter/Promoter Group and Non Promoter/Public.
• The preferential issue will be undertaken for cash consideration.

How the warrants work

• Each warrant is convertible into, or exchangeable for, 1 fully paid-up equity share of face value of Rs. 10 each, payable in cash.
• Warrants may be exercised in one or more tranches, from the date of allotment until the expiry of 18 months.
• 25% of the warrant issue price is payable at the time of subscription and allotment of each warrant; the balance is payable by the warrant holder on exercise of the warrants.
• The price of the warrants has been determined in accordance with the ICDR Regulations.

Who the allottees are

The update lists 33 proposed allottees. The equity shares are proposed to be offered to non-promoter names, while the warrants are proposed to be offered to a mix of promoter, promoter group and non-promoter names. The complete list of names is set out in the annexure to the update.

Shareholding picture shown in the update

• Promoter and Promoter Group holding is shown at 62.46% before the preferential issue and 56.35% after it, on a fully diluted basis.
• Public holding moves in the opposite direction over the same period.
• The post-issue pattern assumes the proposed allottees subscribe to all the warrants they intend to, and that all subscribed warrants are converted into equity shares. If any allottee does not or is unable to subscribe to and/or is not allotted warrants, the shareholding pattern in the table would undergo corresponding changes.

Other items approved

• Alteration of the Articles of Association to insert sub-article no. IV in the existing article no. 7, to give the board the power to issue or re-issue bonds, debentures, debenture-stock, warrants or other securities liable to be redeemed or converted into equity shares, on terms determined by the board in accordance with the Act. Such securities carrying a right to allotment of, or conversion into, equity shares cannot be issued except with the sanction of the company in general meeting.
• Convening an Extra-Ordinary General Meeting on Tuesday, October 27, 2026 through video conferencing or other audio-visual means, to seek the members' approval for the said issuance.
• Appointment of National Securities Depository Limited (NSDL) as the remote e-voting agency, and CS Mehul Amareliya, Practicing Company Secretary, as scrutinizer for the remote e-voting process and voting at the Extra-Ordinary General Meeting.

What to watch

The proposal is at the approval stage. The shares and warrants are proposed to be issued subject to the members' approval and applicable regulatory approvals, and the warrant subscription money is payable in two stages — on allotment and later on exercise.

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