Key Action Approved

The Board of Directors approved the allotment of 97,25,000 (Ninety-Seven Lakhs Twenty-Five Thousand) Fully Convertible Warrants on a preferential basis.

Previous Approvals

The allotment follows:

  • Board approval received on September 1, 2026
  • Shareholder approval received at the Annual General Meeting held on September 28, 2026
  • In-principle approval from BSE Limited received via letter dated October 12, 2026
  • Receipt of requisite consideration amount from allottees

Warrant Details

  • Issue Price: ₹40 per warrant, consisting of a premium of ₹30 per warrant
  • Face Value: Convertible into equity shares of ₹10 face value each
  • Number of Warrants: 97,25,000
  • Total Issue Size: ₹38,90,00,000
  • Upfront Payment Received: 25% of issue price (₹10 per warrant) totaling ₹9,72,50,000
  • Balance Payment: 75% of issue price (₹30 per warrant) payable upon conversion

Conversion Terms

  • Each warrant is convertible into one fully paid-up equity share of ₹10 face value
  • Conversion must be exercised before the end of 18 months from the date of allotment
  • Conversion is subject to receipt of the balance consideration of ₹30 per warrant
  • Conversion will be in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

Lock-in Period

The warrants allotted on a preferential basis shall be locked-in for a specified period as per Chapter V of SEBI ICDR Regulations, 2018.

Allottee Details

  • Total Investors: 118 non-promoter category investors
  • Major Allottees (top 10 by warrant allocation):
  • Rahul Ashokbhai Jain: 6,23,217 warrants (₹62,32,170 consideration received)
  • Vanraj Ashokkumar Jain: 6,25,000 warrants (₹62,50,000 consideration received)
  • Siddharth Arvindbhai Jain: 6,25,000 warrants (₹62,50,000 consideration received)
  • Rajneel Jain: 6,25,000 warrants (₹62,50,000 consideration received)
  • Arvindkumar Shantilal Jain: 3,75,000 warrants (₹37,50,000 consideration received)
  • Hitraj Arvindbhai Jain: 3,75,000 warrants (₹37,50,000 consideration received)
  • Jain Ashokkumar Shantilal HUF: 3,75,000 warrants (₹37,50,000 consideration received)
  • Gautambhai Shantilal Jain HUF: 3,75,000 warrants (₹37,50,000 consideration received)
  • Rahul Ashokbhai Jain HUF: 5,00,000 warrants (₹50,00,000 consideration received)
  • Vanraj Ashokkumar Jain HUF: 5,00,000 warrants (₹50,00,000 consideration received)

Meeting Details

The Board meeting commenced at 5:30 PM IST and concluded at 5:50 PM IST on October 27, 2026.

Financial Impact

  • Immediate cash inflow: ₹9,72,50,000 (25% upfront payment received)
  • Potential future cash inflow: ₹29,17,50,000 upon conversion of all warrants
  • Potential equity dilution: Up to 97,25,000 equity shares if all warrants are converted