The conversion follows approvals obtained from:

  • Shareholders at the Extraordinary General Meeting held on June 27, 2025
  • BSE Limited via in-principle approval letter dated September 13, 2025
  • Board of Directors approval on September 26, 2025 for allotment of 31,45,715 convertible warrants

At the Board meeting held on August 11, 2026 (commencing at 11:45 AM and ending at 04:20 PM), the Board decided to allot 13,32,856 (Thirteen Lakh Thirty-Two Thousand Eight Hundred and Fifty-Six) warrants convertible into equity shares to Mr. Murtuza Shaukatali Mewawala, categorized under the promoter category. This decision was made after receipt of the balance 75% of the subscription amount aggregating to ₹6,99,74,940.

Financial Details of the Transaction:

  • Number of warrants allotted: 13,32,856
  • Total amount raised upon conversion: ₹9,32,99,920
  • Issue price per equity share: ₹70 (including ₹66 premium per share, with face value of ₹4 each)
  • Upfront consideration paid (25%): ₹2,33,24,980 paid at the time of warrant allotment
  • Balance consideration paid (75%): ₹6,99,74,940 received for warrant conversion

Capital Structure Impact:

The Issued and Paid-up Share Capital of the Company has increased to ₹9,65,17,024 (Nine Crore Sixty-Five Lakh Seventeen Thousand Twenty-Four only) consisting of 2,41,29,256 (Two Crore Forty-One Lakh Twenty-Nine Thousand Two Hundred and Fifty-Six) Equity Shares of ₹4 each.

The new Equity Shares allotted shall be in dematerialized form and shall rank pari-passu with the existing Equity Shares of the Company.

Additional Disclosure Details:

The preferential issue was conducted on a private placement basis in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 (ICDR Regulations), and other applicable laws.

  • Type of Issuance: Preferential allotment
  • Warrant conversion terms: Each warrant carried the right to subscribe to 1 Equity Share upon receipt of ₹52.50 per warrant (75% of the Warrant Issue Price)
  • Conversion period: The warrants were issued for a period of up to 18 months from the date of allotment (until March 26, 2027)
  • Number of allottees: 01 (One)

The disclosure is made in compliance with SEBI Master Circular No HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, and SEBI circular dated July 13, 2023.