Lactose (India) Limited disclosed the outcome of its Board Meeting held on Thursday, June 18, 2026, regarding the forfeiture of convertible warrants.
The Board considered and approved the forfeiture of 15,00,000 Convertible Warrants that were issued and allotted on a preferential basis to M/s. SG General Dealers LLP (non-promoter entity) on December 5, 2024. The warrants were issued at a conversion price of ₹174 per warrant (₹10 face value and ₹164 premium).
According to the terms of allotment under SEBI ICDR Regulations, 2018 (Chapter V) and SEBI ICDR Regulation, 2009 (Chapter VII), the warrant holders were entitled to exercise their right to subscribe to one equity share of ₹10 each against each warrant within 18 months from the date of allotment, i.e., on or before June 5, 2026.
The warrant holders failed to exercise their rights to acquire the underlying equity shares within the stipulated period. Consequently, 15,00,000 warrants stand cancelled/lapsed. The company has forfeited the consideration of ₹6,52,50,000 (25% of total consideration) received from the warrant holders at the time of warrant allotment, in accordance with the terms of the warrants and SEBI ICDR Regulations, 2018.
The Board Meeting commenced at 15:00 hours and concluded at 15:30 hours on June 18, 2026.
The disclosure was signed by Atul Maheshwari, Managing Director (DIN: 00255202), dated June 18, 2026, from Mumbai.