The Board considered and approved the conversion of 4,00,000 warrants (out of remaining 8,00,000 warrants) held by Vachi Commercial LLP into 4,00,000 equity shares of face value ₹2 each. These warrants were originally allotted on January 31, 2025 on a preferential basis to this promoter group allottee.

This conversion was executed under the special resolution passed by shareholders in the general meeting dated January 07, 2025 and the in-principle approval received from BSE Limited on January 29, 2025 (Letter No. LOD/PREF/MV/FIP/1756/2024-25).

Capital Structure Impact

Consequent to this allotment, the paid-up equity capital of the Company increased from ₹6,19,06,000 (consisting of 3,09,53,000 Equity Shares of ₹2 each) to ₹6,27,06,000 (consisting of 3,13,53,000 Equity Shares of ₹2 each).

Subscription Details

The Company received 25% of the issue price of the convertible warrants as application/subscription money from the respective allottees on January 30, 2025. Vachi Commercial LLP paid the balance 75% of the issue price on July 13, 2026 towards the conversion of 4,00,000 convertible warrants.

Historical Context

Out of the original 20,00,000 convertible warrants allotted on January 31, 2025:

  • 12,00,000 warrants were previously converted into equity shares
  • 4,00,000 warrants have now been converted (from the remaining 8,00,000 outstanding warrants)

Ownership Changes

Vachi Commercial LLP's holding changed as follows:

  • Pre-issue holding: 31,50,000 shares (10.18%)
  • Post-conversion holding: 35,50,000 shares (11.18%)

Pricing Details

The warrants were allotted carrying the right to subscribe to one equity share per warrant upon payment of ₹35.25 per warrant, representing 25% of the total consideration. The 4,00,000 equity shares were allotted upon conversion following receipt of the balance amount of ₹315.75 per warrant, representing the remaining 75% of the total consideration.

Conversion Terms

Each Warrant is convertible into One (1) Equity Share within 18 months from the date of allotment of Convertible Warrants, in one or more tranches.

The company received 75% of the total consideration from the investors and consequently converted the warrants to Equity Shares.