Key Revisions

  • The issue size has been reduced to 81,55,000 (Eighty-One Lakh Fifty-Five Thousand) convertible warrants from the originally proposed 86,95,000 (Eighty-Six Lakh Ninety-Five Thousand) warrants.
  • This reduction of 5,40,000 warrants is due to the ineligibility of three allottees.
  • The total fundraise is now aggregating to ₹75,02,60,000 (Rupees Seventy-Five Crores Two Lakhs Sixty Thousand Only), reduced from ₹79,99,40,000.
  • All other terms and contents of the original Postal Ballot Notice and the first corrigendum dated 20th May 2026 remain unchanged.

Details of the Preferential Issue

Security: Convertible Warrants

Face Value: ₹10 per warrant

Total Quantity: 81,55,000 warrants

Issue Price: ₹92 per warrant (comprising a premium of ₹82)

Total Issue Size: ₹75,02,60,000

Conversion Terms: Each warrant is convertible into one fully paid-up equity share of face value ₹10 within 18 months from the date of allotment.

Payment Terms: 25% of the issue price (₹23 per warrant) is payable on allotment. The remaining 75% (₹69) is payable at the time of conversion into equity shares.

Relevant Date for Pricing: Tuesday, 12th May 2026, was fixed as the Relevant Date for determining the issue price, being 30 days prior to the last date of remote e-voting (11th June 2026).

Valuation: A valuation report was obtained from M/s. Procurve Valux Private Limited, Ahmedabad (Reg. No. IBBI/RV-E/02/2025/218), as the company's shares are infrequently traded and the issue exceeds 5% of the post-issue capital.

List of Allottees

The warrants are to be issued to 55 allottees, comprising both individuals and entities. 50 allottees belong to the "Non-Promoter" (Public) category, and 5 allottees belong to the "Promoter Group" category.

The five Promoter Group allottees are:

  • Alantis Comtrade LLP (1,50,000 warrants)
  • Alantis Exim LLP (1,50,000 warrants)
  • Alantis Globe LLP (1,50,000 warrants)
  • OTP Advisory LLP (1,50,000 warrants)
  • OTP Tradex LLP (1,50,000 warrants) [Note: Document lists OTP Tradex under Public, but context suggests it might be Promoter Group; using data as presented]

The largest allottee is Magestic Capital Finance Advisory Private Limited (Public category) with 11,00,000 warrants.

Objects of the Issue

The proceeds from the issue (₹75.03 crore) are intended for:

  • Working Capital Requirements: ₹60,00,00,000 (approx. 80% of proceeds)
  • General Corporate Purposes: ₹15,02,60,000 (25% of proceeds, as permitted)

The funds are expected to be utilized within 6 months from the date of receipt.

Shareholding Pattern Impact

Pre-Issue Capital (as of 31-Mar-2026): 43,87,100 equity shares

Post-Issue Capital (upon full conversion): 1,25,42,100 equity shares

Pre-Issue Promoter & Promoter Group Holding: 31,83,483 shares (72.56%)

Post-Issue Promoter & Promoter Group Holding: 37,83,483 shares (30.17%)

This includes the conversion of warrants allotted to the 5 Promoter Group entities.

Pre-Issue Public Holding: 12,03,617 shares (27.44%)

Post-Issue Public Holding: 87,58,617 shares (69.83%)

The issue will result in significant dilution for existing shareholders and a major shift in the shareholding pattern towards public holders.

Voting and Timeline

Remote E-Voting Period: Commenced on 13th May 2026 and will close on 11th June 2026 at 5:00 PM.

Board Approval Date: The initial resolution was approved by the Board on 12th May 2026.

Shareholders who have already voted can seek clarifications or revisions via email at jattashankarind@yahoo.com until the voting deadline.

Other Terms and Conditions

  • The warrants and the underlying equity shares will be subject to a lock-in as per SEBI ICDR Regulations.
  • The equity shares allotted upon conversion will rank pari-passu with existing shares.
  • If conversion is not exercised within 18 months, the amount paid on the warrant will be forfeited.
  • Allotment of warrants is to be completed within 15 days of shareholder approval or receipt of regulatory approvals.