Background and Approval

The Board of Directors of Epic Energy Limited had allotted convertible warrants on a preferential basis to Promoters and Non-Promoters on March 24, 2026. This allotment was made pursuant to approval from shareholders obtained in an Extra-Ordinary General Meeting held on December 18, 2025.

Conversion Details and Financials

Warrant holders paid a balance consideration aggregating to ₹1,50,00,000 (Rupees One Crore Fifty Lakhs) and applied for conversion of 4,00,000 warrants into an equivalent number of equity shares.

The Board of Directors, in its meeting held on October 22, 2026, approved the allotment of 4,00,000 equity shares of face value ₹10 each to the warrant holders.

Specific Allotment Breakdown

Only one allottee, Soleos Solar Energy Private Limited (a Non-Promoter), exercised conversion rights:

  • Allottee: Soleos Solar Energy Private Limited
  • Category: Non-Promoter
  • Total convertible warrants allotted on March 24, 2026: 20,00,000
  • Number of Equity Shares allotted on October 22, 2026: 4,00,000
  • Number of Warrants Outstanding for Conversion after this allotment: 14,66,667

Other warrant holders (both Promoters and Non-Promoters) did not convert any warrants in this tranche, leaving a total of 24,68,668 warrants outstanding across all allottees.

Issue Price and Premium

The equity shares were allotted at an issue price of ₹50 per share (including a premium of ₹40 per share). This corresponds to the conversion of warrants that were originally allotted at an issue price of ₹50 per warrant.

The conversion was triggered upon receipt of the balance amount at the rate of ₹37.50 per warrant, which represents 75% of the original issue price per warrant. The initial warrant allotment required payment of ₹12.50 per warrant (25% of issue price) at the time of allotment.

Share Characteristics and Ranking

The allotted equity shares will be issued in dematerialized form and will rank pari passu with the existing equity shares of the company in all respects.

Meeting Details

The Board meeting where this allotment was approved commenced at 11:30 a.m. and concluded at 11:50 a.m. on October 22, 2026.

Total Warrant Overview

The company had originally allotted 38,00,000 convertible warrants on March 24, 2026. Following this conversion of 4,00,000 warrants, the total outstanding warrants stand at 24,68,668.