Historical Context and Previous Allotments

The company had previously allotted 2,35,35,491 warrants on a preferential basis on May 10, 2025, as intimated earlier. Each warrant was convertible into one equity share of face value ₹10 at a price of ₹11 per warrant (including warrant subscription price and warrant exercise price).

Subsequent conversions were completed as follows:

  • December 11, 2025: 56,00,000 warrants converted into 56,00,000 equity shares
  • December 15, 2025: 50,00,000 warrants converted into 50,00,000 equity shares
  • October 30, 2026: 55,00,000 warrants converted into 55,00,000 equity shares (listing and trading approval pending)

Current Conversion Details

On November 3, 2026, the Board of Directors approved the conversion of the remaining 74,35,491 warrants into an equal number of equity shares of face value ₹10 each. The conversion occurred upon receipt of ₹6,13,42,800.75 at the rate of ₹8.25 per warrant (being 75% of the issue price per warrant).

Allottee Details

The conversion involved 10 allottees who received equity shares:

1. Jatinkumar Tulsibhai Patel (Promoter) - 17,93,712 shares

2. Parth Tulsibhai Patel (Promoter) - 17,93,712 shares

3. Arjunkumar Jagdishbhai Patel (Promoter) - 18,48,067 shares

4. Ashokbhai Ramjibhai Chhabhaya (Non-Promoter) - 2,50,000 shares

5. Avani Ashishkumar Patel (Non-Promoter) - 2,50,000 shares

6. Bharat Kantilal Patel (Non-Promoter) - 2,50,000 shares

7. Nirajkumar Shakarchand Patel (Non-Promoter) - 5,00,000 shares

8. Ishita Krunal Patel (Non-Promoter) - 2,50,000 shares

9. Mr. Ghanshyambhai Chehrabhai Patel (Non-Promoter) - 2,50,000 shares

10. Shalin Ghanshyambhai Patel (Non-Promoter) - 2,50,000 shares

Capital Structure Impact

Pursuant to this conversion, the company's issued, subscribed and paid-up equity share capital has increased from ₹21,32,00,000 (consisting of 2,13,20,000 equity shares of ₹10 each) to ₹28,75,54,910 (consisting of 2,87,55,491 equity shares of ₹10 each).

Share Characteristics

The new equity shares will rank pari passu with existing equity shares subject to completion of necessary corporate actions and receipt of listing and trading approvals.

Board Meeting Details

The Board meeting was held on November 3, 2026, from 5:00 PM to 6:00 PM in Ahmedabad.

Financial Impact

The conversion resulted in a cash inflow of ₹6,13,42,800.75 to the company. With this conversion, all 2,35,35,491 warrants originally issued have now been fully converted into equity shares.