The Board considered and approved the issue of up to 2,36,48,000 (Two Crore Thirty-Six Lakh Forty-Eight Thousand) Convertible Warrants with a face value of ₹10 each at an issue price of ₹42 per share (including a premium of ₹32 per share). The total issue size is approximately ₹99,32,16,000 (Ninety-Nine Crore Thirty-Two Lakh Sixteen Thousand).
The warrants are to be issued to persons belonging to Promoter and Non-Promoter categories, subject to shareholder approval. The issuance is to be made in accordance with the Companies Act, 2013 and Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). The relevant date for determining the issue price in accordance with SEBI ICDR Regulations is September 11, 2026.
Investor Details
The allotment is to be made to 24 investors, comprising 2 Promoters and 22 Non-Promoters:
Promoters:
- Ajit Vasani: 7,50,000 warrants (₹3,15,00,000)
- Jagurti Vasani: 7,50,000 warrants (₹3,15,00,000)
Non-Promoters (Selected Major Allottees):
- Prasham Kumar Doshi: 22,25,000 warrants (₹9,34,50,000)
- Ilaben Bakulbhai Gediya: 11,00,000 warrants (₹4,62,00,000)
- Sushin Stocks Private Limited: 20,00,000 warrants (₹8,40,00,000)
- Shonsuchi Trading Private Limited: 20,00,000 warrants (₹8,40,00,000)
- Agri World Ventures Private Limited: 22,50,000 warrants (₹9,45,00,000)
- Jai Shree Safe Hand Health Care Private Limited: 22,50,000 warrants (₹9,45,00,000)
Conversion Terms
Each warrant is convertible into one equity share of the company. The conversion can be exercised at any time within a period of 18 months from the date of allotment of warrants, in one or more tranches.
Next Steps
The company will convene an Annual General Meeting (AGM) of shareholders on Sunday, October 11, 2026, to seek necessary approval for the preferential issue of warrants.
The detailed disclosure as required under Schedule III of SEBI Listing Regulations and Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is provided in the annexure.