Background and Reference

This disclosure follows the company's previous intimation dated February 14, 2025, regarding the allotment of 7,880,436 warrants to non-promoter category investors. Each warrant was convertible into one fully paid-up equity share of Re. 1 each within 18 months at an issue price of Rs. 530 per warrant.

Conversion Details

At the time of warrant allotment, warrant holders paid 25% (Rs. 132.50 per warrant) of the total issue price. The balance 75% (Rs. 397.50 per warrant) was payable at the time of conversion application.

Approval and Allotment

The Management Committee of the Board of Directors approved the allotment on July 30, 2026, following receipt of conversion notices and balance payments from warrant holders. A total of 1,252,629 equity shares of face value Re. 1 each were allotted to warrant holders who opted for conversion.

Capital Structure Impact

Pursuant to this allotment, the company's paid-up equity share capital increased to Rs. 14,18,44,869 divided into 14,18,44,869 equity shares of face value Re. 1 each. The new equity shares will rank pari-passu with existing equity shares.

Allottee Details

The warrant conversion and share allotment was made to the following non-promoter entities and individuals:

  • M7 Global Fund PCCC – 75,471 shares
  • ASAS Global Opportunities Fund – 188,679 shares
  • Vivek Jain – 37,735 shares
  • Rajan Kantilal Shah – 37,735 shares
  • Raman Chopra – 37,735 shares
  • Ravi Shanker Jalan – 37,735 shares
  • Shalu Aggarwal – 301,886 shares
  • NKA Resources LLP – 201,258 shares
  • Boring AMCS India Inflection Fund (formerly Boring AMCS India Manufacturing Fund) – 200,000 shares
  • Ritaben Satyendrakumar Shah – 94,339 shares
  • Niveshaay Hedgehogs LLP – 40,905 shares
  • Vinay Jaiprakash Ambekar – 25,566 shares
  • Vikram Sonprakash Sharma – 11,320 shares

Total Proceeds

The conversion generated additional equity capital of approximately Rs. 49.79 crore (1,252,629 shares × Rs. 397.50 per warrant balance payment), in addition to the 25% (Rs. 132.50 per warrant) already received at the time of warrant allotment.