Key Quantitative Figures
The Board of Directors approved the issuance of up to 1,11,00,000 warrants, each convertible into 1 fully paid-up equity share of face value ₹2. The warrant issue price is ₹8 per warrant (including a premium of ₹6 each), aggregating ₹8,88,00,000 (₹8.88 crore). The warrant issue price represents approximately 30% more than the prevailing market price.
Parties Involved
The warrants are to be issued to persons belonging to Promoter(s)/Promoter Group:
1. Upendra Narottamdas Shah - 55,50,000 warrants
2. Ronish U Shah - 55,50,000 warrants
Shareholding Impact
Pre and post-issue shareholding (assuming full conversion):
- Upendra Narottamdas Shah:
- Pre-issue: 10,000 shares (0.00% holding)
- Post-issue: 55,60,000 shares (2.25% holding)
- Ronish U Shah:
- Pre-issue: 0 shares (0.00% holding)
- Post-issue: 55,50,000 shares (2.25% holding)
Note: Current holding of Mr. Upendra Narottamdas Shah is 0.004243%.
Conversion Terms
The warrants have a tenure of 18 months from the date of allotment. Warrant holders may exercise conversion rights in one or more tranches within this period. If not converted within 18 months, the warrants shall lapse and the amount paid shall stand forfeited.
Additional Requirements
The issuance is subject to approval of members of the Company and other requisite statutory and regulatory approvals.
EGM Details
An Extraordinary General Meeting will be convened on Friday, August 07, 2026, at the registered office of the Company at DW-9020, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India.