Marble City India Limited has made a disclosure pursuant to SEBI Listing Obligations and Disclosure Requirements (LODR) Regulation 30 and SEBI Issue of Capital and Disclosure Requirements (ICDR) Regulation 169(2) and (3).

The disclosure concerns the forfeiture of fully convertible warrants that were allotted on a preferential basis. The Board of Directors approved this forfeiture at its meeting held on July 24, 2026, which started at 04:00 PM and concluded at 04:30 PM in New Delhi.

Background and Preferential Issue Details

The company refers to its previous disclosures:

  • Dated November 6, 2024: Regarding approval of a preferential issue of up to 22,45,000 fully convertible warrants at an issue price of ₹100.50 per warrant.
  • Dated January 24, ͏2025: Regarding the actual allotment of 19,47,400 fully convertible warrants to persons belonging to the "Non-Promoter, Public Category".

Each warrant carried the right to subscribe to one equity share of face value ₹5. The total aggregate amount for the warrants was up to ₹4,89,28,425. At the time of allotment, warrant holders paid 25% of the issue price, amounting to ₹25.125 per warrant.

Forfeiture Event and Regulatory Compliance

Pursuant to SEBI ICDR Regulation 169(3), warrants that are not converted into equity shares within the stipulated period result in the forfeiture of the upfront consideration paid by the holder.

The company confirms that the tenure for the warrants was 18 months from the date of allotment (January 24, 2025). Consequently, all outstanding warrants that were not exercised have lapsed and stand cancelled.

Specific Details of Forfeiture (From Annexure A)

  • Type of securities: Convertible Warrants
  • Type of issuance: Preferential Allotment
  • Total warrants originally allotted: 19,47,400
  • Issue price per warrant: ₹100.50
  • Date of allotment: January 24, 2025
  • Tenure: 18 Months
  • Number of warrants exercised: 8,05,000
  • Number of warrants lapsed: 11,42,400
  • Amount forfeited: ₹2,87,02,800 (This represents the 25% upfront consideration paid on the 11,42,400 lapsed warrants)
  • Change in capital structure: No

Warrant Holders Affected (From Table-1)

The warrants of the following eight allottees have lapsed:

1. Anil Kumar Rawal: 2,400 warrants

2. Ashish Dolatrai Desai: 40,000 warrants

3. Money Spinners (Acting Through Its Partners): 7,50,000 warrants

4. Shreem Advisors (Acting Through Its Partners): 1,50,000 warrants

5. S&S Financial Services: 50,000 warrants

6. Sumit Bhutani: 25,000 warrants

7. Madan Bhardwaj: 25,000 warrants

8. Priya Ranjan: 100,000 warrants

Total: 11,42,400 warrants

Financial and Capital Impact

Only 10 equity shares were allotted pursuant to the exercise of warrants. Therefore, the lapse of the remaining 11,42,400 warrants results in no change to the issued, subscribed, and paid-up equity share capital of the company. The forfeited amount of ₹2,87,02,800 will be retained by the company.