Board approves allotment of 56,31,107 equity shares on warrant conversion, appoints Company Secretary
Allotted 56,31,107 equity shares of face value Rs. 10/- each after warrant holders paid Rs.5.07 crore (75% balance consideration) and applied to convert an equal number of warrants.
By ScoutQuest · · 2 min read
- Equity Shares Allotted
- 56,31,107 equity shares of face value Rs. 10/- each
- Consideration Received
- Rs.5.07 crore (75% balance consideration)
- Paid-up Capital
- Rs. 23.04 crore divided into 2,30,41,795 equity shares
The board of Velox Shipping and Logistics Ltd met on October 15, 2026 and approved two matters: the allotment of equity shares on conversion of warrants, and the appointment of a Company Secretary and Compliance Officer.
Share allotment on warrant conversion
- The company allotted 56,31,107 equity shares of face value Rs. 10/- each after warrant holders applied to convert an equal number of warrants.
- The original warrants were allotted on a preferential basis to Non-Promoters on May 16, 2026, following shareholder approval at the Extra-Ordinary General Meeting held on January 08, 2026.
- The equity shares are allotted in dematerialised form and rank pari passu with the existing equity shares, subject to the lock-in period prescribed under the SEBI ICDR Regulations.
The money received
- Warrant holders paid Rs.5.07 crore, representing 75% of the total consideration, and applied for conversion of 56,31,107 warrants.
- The remaining 25% of the total consideration was received by the company at the time of allotment of the warrants on May 16, 2026. Together, the two payments make up 100% of the consideration payable.
- Issue Price: Rs.12/- per warrant; Subscription Price: Rs.3/- per warrant (25% of Issue Price); Conversion Price: Rs.9/- per warrant (75% of Issue Price).
- Each equity share carries a premium of Rs.2/-.
Who received the shares
- Pramila Bharat Poojari: 18,00,000 shares, Rs.1,62,00,000 received
- Biju Joseph: 3,07,524 shares, Rs.27,68,000 received
- Uma: 9,71,775 shares, Rs.87,45,975 received
- Ashish Deobansi: 17,51,808 shares, Rs.1,57,66,272 received
- Ramendur U Trivedi: 8,00,000 shares, Rs.72,00,000 received
- Across the five allottees, the number of warrants pending for conversion is Nil.
What changes after this allotment
- Paid-up share capital increases to Rs. 23.04 crore, divided into 2,30,41,795 equity shares of face value Rs.10/- each.
- The warrants being converted were eligible for conversion for a period of 18 months from the date of allotment.
Company Secretary and Compliance Officer appointed
- The board approved the appointment of Mr. Omkar Prakash Kulkarni (ICSI Membership No. A74067) as Company Secretary and Compliance Officer (Key Managerial Personnel) with immediate effect, on October 15, 2026.
- He is an Associate Member of the ICSI, holds a Master's degree in Commerce (M.Com) and a Bachelor's degree in Law (LLB), and is stated to have experience in corporate law, listing regulations and related regulatory processes.
- He is not related to any of the Directors or KMPs and holds NIL shares in the company.
What this means for a reader
- The conversion completes the process that started with the preferential allotment of warrants in May 2026 and the balance subscription money has come into the company.
- Because new shares are issued, the company's equity base becomes larger and the same business is now spread over 2,30,41,795 equity shares instead of the earlier number.
- The allotment of a Company Secretary and Compliance Officer places a designated Key Managerial Personnel in that role.
Also from Velox Shipping and Logistics
Company Secretary and Compliance Officer appointed with immediate effect
15 Oct 2026
Board allots 56,31,107 equity shares on conversion of warrants
15 Oct 2026
Proposed 98% stake in Dubai's Consolidated Container Shipping Line mutually terminated
1 Oct 2026
More numbers
- Equity shares allotted on conversion of warrants56,31,107
- Consideration received (75% of total)Rs.5,06,79,963/-
- Face value per equity shareRs. 10/-
- Issue price per warrantRs.12/- Per warrant
- Conversion price per warrant (75% of Issue Price)Rs.9/- Per warrant
- Paid-up share capital after allotmentRs. 23,04,17,950/-
- Total equity shares after allotment2,30,41,795
- Conversion eligibility period of the warrants18 months
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