Mehai Technology Limited

Background and Original Issue Details

The Company had previously issued 13,80,00,000 convertible warrants to promoter category and 14,20,00,000 convertible warrants to non-promoter category on preferential basis, totaling 28,00,00,000 warrants. The issue price was ₹3.50 per share (including premium of ₹2.50 each), aggregating to ₹98,00,00,000 (₹98.00 Crores).

Terms of Warrant Issue

In accordance with Regulation 162 of the SEBI ICDR Regulations, 25% of the issue price was received upfront as initial subscription amount at the time of allotment. The balance 75% was payable at the time of exercise of warrants within 18 months from the date of allotment (on or before April 30, 2026).

Current Development: Warrant Lapse

The Company did not receive the balance 75% consideration from warrant holders holding 11,86,00,000 warrants within the stipulated timeline. These outstanding warrants have lapsed upon expiry of the exercise period on April 30, 2026.

Financial Impact: Forfeiture of Funds

With effect from May 01, 2026, the upfront subscription amount received at the time of allotment (25% of issue price) amounting to ₹10,37,75,000 (₹10.38 Crores) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.

Capital Structure Impact

There will be no change in the paid-up share capital of the Company. The forfeited amount shall be retained by the Company and accounted for in accordance with applicable accounting standards.

Warrant Holder Rights

Consequent to the lapse of warrants, the warrant holders shall cease to have any rights or entitlement to seek conversion into equity shares of the Company.

Detailed Breakdown of Lapsed Warrants

  • Total warrants originally allotted: 28,00,00,000
  • Number of warrants exercised: 16,14,00,000
  • Number of warrants lapsed: 11,86,00,000
  • Issue price per warrant: ₹3.50
  • Amount received per warrant (25% upfront): ₹0.875
  • Total amount forfeited: ₹10,37,75,000

Individual Warrant Holder Forfeiture Details

| Name | Warrants Lapsed | Amount Forfeited |

| Dynamic Services & Security Limited | 2,30,00,000 | ₹2,01,25,000 |

| Kajal Ashok Jain | 1,23,00,000 | ₹1,07,62,500 |

| Kusum Dilipkumar Jain | 1,20,30,000 | ₹1,05,26,250 |

| Teena Kirti Jain | 1,05,00,000 | ₹91,87,500 |

| Viha Ashok Jain | 1,05,00,000 | ₹91,87,500 |

| Rajesh Tripathi | 60,00,000 | ₹52,50,000 |

| Abhinandan Ravindra Sakla | 50,10,000 | ₹43,83,750 |

| Amit Ramanlal Lodha | 50,10,000 | ₹43,83,750 |

| Kirti Ravi Kothari | 50,10,000 | ₹43,83,750 |

| 16 additional warrant holders | 2,87,00,000 | ₹2,51,12,500 |

Additional Context

The issue price of ₹3.50 per warrant reflects a post-split adjustment, as the company had approved a split of shares from 1 equity share of ₹10 each into 10 equity shares of ₹1 each.