Background and Transaction Details
The company had previously allotted 23,43,750 convertible warrants on a preferential basis on 27th December, 2024, at an issue price of ₹640 per warrant. The warrant holders had paid 25% of the issue price (₹37.5 crores) as the initial subscription amount at the time of allotment.
Current Development
The warrant holders listed in Annexure-1 failed to exercise the conversion option for the pending 23,43,750 warrants within the stipulated 18-month period from the date of allotment, which ended on June 26, 2026.
Board Action
At its meeting held on June 27, 2026, the Board of Directors approved the forfeiture of the initial 25% amount received on these warrants, as per the provisions of Regulation 169(3) of Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations.
Warrant Holder Details and Quantities
The following warrant holders did not exercise their conversion option, with the corresponding amounts liable for forfeiture:
- Sapphire Capital: 1,25,000 warrants
- Dinesh Oswal: 45,313 warrants
- Nahar Capital And Financial Services Ltd: 45,313 warrants
- Ba Investment: 31,250 warrants
- itendra Mehta: 15,625 warrants
- Surbhi Investment and Trading Co Pvt Ltd: 1,09,375 warrants
- Eva Amar Vaid: 78,125 warrants
- Ushma Devan Mehta: 1,40,625 warrants
- Krone Finstock Pvt Ltd: 3,12,500 warrants
- Sunshare E commerce Group Limited: 59,375 warrants
- VimalKumar: 1,71,875 warrants
- Vikas Sohanlal: Quantity not specified in table
- Surendra Sai Nallamalli: Quantity not specified in table
- Visaria Family Trust: Quantity not specified in table
- Unico Global Opportunities Fund Limited: Quantity not specified in table
- Nagdevi Trading and Investment Co Ltd: Quantity not specified in table
- Suryadevara bala Venkata Rama Prasad: 91,249 warrants
Total warrants on which conversion option was not exercised: 23,43,750 warrants
Conversion Price Adjustment
Due to subdivision of equity shares, the conversion price was proportionately adjusted from ₹640 per warrant to ₹64 per adjusted warrant/equity share.
Consequences of Non-Exercise
The entitlement of warrant holders to receive equity shares stands extinguished. The reservation of equity shares made for such warrants, including 1,71,8,750 bonus equity shares reserved for warrant holders pursuant to conversion of outstanding warrants, has been cancelled.
Financial Impact
The forfeiture results in a non-refundable inflow of ₹37.5 crores to the company, representing the initial 25% subscription amount paid by warrant holders at the time of allotment.