Key Quantitative Figures

  • Authorized Capital Increase: From existing ₹60,00,00,000 (60 crore equity shares of ₹1 each) to ₹164,00,00,000 (164 crore equity shares of ₹1 each)
  • Equity Shares Issuance: 35,71,42,856 equity shares at issue price of ₹1.40 per share (₹1 face value + ₹0.40 security premium)
  • Warrants Issuance: 70,93,57,119 warrants convertible into equity shares at issue price of ₹1.40 per warrant (₹1 face value + ₹0.40 security premium)
  • Total Potential Equity Dilution: 106,65,00,000 shares (35.71 crore equity + 70.93 crore warrants)
  • Preferential Allottees: 2 investors for equity conversion, 51 investors for warrants

Dates of Action

  • Board Meeting Date: 27 August 2026 (7:00 PM to 9:20 PM)
  • AGM Date: 26 September 2026 at 11:30 AM
  • E-voting Period: 23 September 2026 (9:00 AM) to 25 September 2026 (5:00 PM)
  • Register Closure: 20 September 2026 to 26 September 2026 (both days inclusive)
  • Warrant Conversion Period: 18 months from date of allotment

Parties Involved

  • Stock Exchanges: BSE Limited, Metropolitan Stock Exchange of India Limited
  • Scrutinizer: M/s Dharti Patel & Associates, Practicing Company Secretary
  • Equity Allottees: Kurjibhai Premjibhai Rupareliya, Flyontrip Services Private Limited
  • Warrant Allottees: 51 entities including Joydeep Commosales LLP, Nikhilesh Traders LLP, Kalpatru Advisory Services Private Limited (10,71,42,857 warrants), Trump Organisers Private Limited (7,14,28,571 warrants)

Purpose and Rationale

  • Increase authorized share capital to accommodate proposed preferential issues
  • Conversion of existing unsecured loans into equity shares for two non-promoter investors
  • Raising capital through issuance of convertible warrants to 51 allottees

Share Capital Impact

  • Preferential Equity Issue: Increases outstanding shares from 21,24,520 to 35,92,67,376
  • Warrant Conversion: Would add 70,93,57,119 equity shares upon full conversion
  • Total Potential Outstanding Shares: 106,86,24,495 shares post full conversion

Voting and Governance

  • All proposals subject to shareholder approval at 42nd AGM
  • E-voting facility available through scrutinizer
  • Draft Directors' Report for FY 2025-26 approved

Financial Impact

  • Equity Issue Proceeds: ₹50 crore (35,71,42,856 shares × ₹1.40)
  • Warrant Issue Proceeds: ₹99.31 crore (70,93,57,119 warrants × ₹1.40) upon conversion
  • Total Potential Capital Inflow: ₹149.31 crore
  • Conversion of unsecured loans reduces debt liability