Key Quantitative Figures
- Total issue size: ₹17,68,47,000 (Seventeen Crores Sixty Eight Lakhs Forty Seven Thousand)
- Number of warrants: 13,98,000 convertible warrants
- Warrant issue price: ₹126.50 per warrant
- Floor price as per SEBI ICDR Regulations: ₹126.15 per warrant
Fund Utilization Breakdown
| Particulars | Estimated Utilisation Amount (₹) |
| Capital Expenditure | 41,25,000 |
| Working capital requirements | 14,83,22,000 |
| General corporate purpose | 2,44,00,000 |
| Total | 17,68,47,000 |
Note: Utilization amounts consider 100% conversion of warrants into equity shares within stipulated time.
Pricing Rationale
Pricing determined as per SEBI ICDR Regulations:
- 90-day VWAP: ₹126.15 per warrant
- 10-day VWAP: ₹117.30 per warrant
- Regulation 166A(1) price: ₹125.67 per warrant
- Final issue price of ₹126.50 is higher than the floor price of ₹126.15
Valuation Details
Valuation performed by Mr. Manish Manwani, Registered Valuer (Registration No. IBBI/RV/03/2021/14113). Office address: Unit No. 125, Tower B-3, Spaze Itech Park, Sohna Road, Sector 49, Gurugram, Haryana 122018.
Additional Information
- AGM scheduled for Saturday, August 29, 2026, at 1:00 P.M.
- Venue: Registered office at Kanganwal Road, V.P.O. Jugiana, G.T. Road, Ludhiana-141120
- Valuation certificate available for inspection at registered office between 10:00 A.M. to 05:00 P.M. on working days
- Documents available on company website: https://gargfurnacelimited.com and BSE website: www.bseindia.com
Impact Assessment
Financial impact: ₹17.68 crore fund infusion upon full conversion of warrants
Capital structure impact: Potential equity dilution upon warrant conversion (exact percentage not specified)