Key Decision

The Board of Directors at its meeting held on July 08, 2026 considered and approved the conversion of 5,00,000 warrants (out of remaining 13,00,000 warrants) held by Vachi Commercial LLP into 5,00,000 equity shares of face value ₹2 each.

Background Details

The warrants were originally allotted on January 31, 2025 on a preferential basis to this promoter group allottee. This conversion is pursuant to:

  • Special resolution passed by shareholders in general meeting dated January 07, 2025
  • 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 the allotment:

  • Paid-up equity capital increased from ₹6,09,06,000 (3,04,53,000 Equity Shares of ₹2 each) to ₹6,19,06,000 (3,09,53,000 Equity Shares of ₹2 each)
  • Represents an increase of ₹10,00,000 in paid-up capital

Subscription and Payment Details

  • The Company received 25% of the issue price of the convertible warrants as subscription money from the allottee on January 30, 2025
  • Vachi Commercial LLP paid the balance 75% of the issue price on July 03, 2026 towards conversion of 5,00,000 convertible warrants

Warrant History

  • Total convertible warrants allotted on January 31, 2025: 20,00,000
  • Previously converted on January 31, 2026: 7,00,000 warrants
  • Outstanding warrants before this conversion: 13,00,000
  • Remaining warrants after this conversion: 8,00,000

Ownership Changes

Vachi Commercial LLP (Promoter Group entity):

  • Pre-issue holding: 26,50,000 shares (8.70%)
  • Warrants converted: 5,00,000
  • Post-conversion holding: 31,50,000 shares (9.92%)

Pricing Details

  • Warrants allotted on January 31, 2025 with right to subscribe to one equity share per warrant
  • Total consideration: ₹21 per warrant (₹5.25 representing 25% + ₹15.75 representing 75%)
  • 5,00,000 equity shares allotted upon conversion following receipt of balance amount of ₹15.75 per warrant

Conversion Terms

  • Each warrant convertible into one equity share
  • Conversion can be exercised by warrant holder(s) at any time during 18 months from date of allotment (January 31, 2025)
  • Conversion can be done in one or more tranches

Meeting Details

  • Board meeting commenced at 10:30 AM and concluded at 11:00 AM on July 08, 2026