Key Quantitative Figures

  • Total Warrants: 50,00,000 warrants
  • Issue Price: ₹150 per warrant
  • Total Consideration: ₹75,00,00,000
  • Initial Payment: 25% of issue price (₹18,75,00,000) payable on allotment
  • Balance Payment: 75% of issue price (₹56,25,00,000) payable on conversion
  • Face Value per Share: ₹10
  • Premium per Share: ₹140
  • Existing Paid-up Capital: ₹14,31,89,750 (1,43,18,975 shares)
  • Post-conversion Paid-up Capital: ₹19,31,89,750 (1,93,18,975 shares)

Parties Involved

Stock Exchanges: BSE Limited, National Stock Exchange of India Limited

e-Voting Agency: Central Depository Services (India) Limited (CDSL)

Scrutinizer: Sarada Putcha (Company Secretary, Membership No.: 21717, CP No.: 8735)

Proposed Allottees:

| Name | Category | Entity Type | Warrants | Consideration (₹) |

| Cubex Securities Ltd | Promoter | Entity | 33,90,000 | 50,85,00,000 |

| Ajeet Modi | Non-Promoter | Individual | 6,00,000 | 9,00,00,000 |

| H & A Unicorns | Non-Promoter | Entity | 4,05,000 | 6,07,50,000 |

| Ruchas Ventures | Non-Promoter | Partnership Firm | 4,05,000 | 6,07,50,000 |

| Payal Tandan Shrivastava | Non-Promoter | Individual | 2,00,000 | 3,00,00,000 |

Purpose/Rationale

The proceeds will be utilized 100% for procurement and installation of a vacuum melting furnace at the new manufacturing facility, including land, civil & electrical works, and other balancing equipment for manufacturing specialized products for nuclear, electrical, aerospace, defence, oil and gas, and other heavy engineering industries.

Terms and Conditions

  • Each warrant convertible into one equity share of face value ₹10
  • Conversion period: 18 months from date of allotment
  • Equity shares to be allotted within 15 days of conversion exercise
  • Warrants and equity shares to be in dematerialized form
  • Equity shares will rank pari passu with existing shares
  • Unexercised warrants after 18 months will lapse with forfeiture of amount paid
  • Warrants carry no voting or dividend rights before conversion
  • Lock-in requirements: Unlisted warrants locked in for 1 year from allotment; Equity shares from promoter conversion locked in for 18 months from trading approval; Non-promoter shares locked in for 6 months

Shareholding Impact

Pre-Issue Shareholding:

  • Promoter and promoter group: 63,60,304 shares (44.42%)
  • Public institutions: 79,58,671 shares (55.58%)
  • Total: 1,43,18,975 shares (100%)

Post-Conversion Shareholding:

  • Promoter and promoter group: 97,50,304 shares (50.47%)
  • Public institutions: 95,68,671 shares (49.53%)
  • Total: 1,93,18,975 shares (100%)

Additional Requirements

  • Company will apply to stock exchanges for in-principle approval on same day as dispatch of notice
  • Statutory auditor's certificate under Regulation 169(5) to be submitted to stock exchanges
  • Practicing Company Secretary certificate confirming compliance with SEBI ICDR Regulations
  • No change in control resulting from the issue
  • No outstanding dues to SEBI, stock exchanges, or depositories
  • No promoters/directors are fugitive economic offenders

Voting Arrangements

  • EGM to be held through video conferencing/audio-visual means
  • Remote e-voting facility provided through CDSL
  • Scrutinizer appointed to oversee voting process
  • Results to be placed on company website and stock exchanges

Authorizations

Mr. Virendra Bhandari (Managing Director, DIN:00062228) and Mr. Akshay Bhandari (Executive Director, DIN:09783327) authorized to take necessary actions for implementation.