Key Quantitative Figures

  • Total proceeds received during quarter: ₹131.25 crore from warrant conversion
  • Total funds utilized during quarter: ₹131.26 crore (including ₹0.01 crore previously unutilized)
  • Warrants converted: 9,72,22,222 fully convertible warrants
  • Equity shares allotted: 9,72,22,222 equity shares
  • Issue price: ₹18 per warrant/share
  • Breakdown of funds utilized:
  • Repayment of banker's outstanding debts: ₹434.42 crore
  • Working capital requirement: ₹65.22 crore
  • Issue related expenses: ₹0.36 crore

Dates of Action

  • Shareholder approval date: August 10, 2025
  • BSE/NSE in-principle approval: September 09, 2025
  • Initial warrant allotment: September 18, 2025 (25% payment received)
  • Warrant conversion dates (fund raising dates): July 30, 2026; August 03, 2026; September 22, 2026; September 23, 2026; September 24, 2026
  • Quarter ended: September 30, 2026
  • Filing date: October 21, 2026

Parties Involved

  • Promoter: Shri Balram Garg (Managing Director) - received 9,72,22,222 warrants
  • Non-promoter entity: Received 18,05,55,555 equity shares in original issue
  • Monitoring Agency: CARE Ratings Limited

Financial Impact

  • No deviation or variation in utilization of issue proceeds from stated objects
  • Full utilization of all proceeds received from preferential issues
  • Minor allocation adjustment within permissible ±10% variation range:
  • Debt repayment: Increased from ₹434.27 crore to ₹434.42 crore
  • Working capital: Decreased from ₹65.33 crore to ₹65.22 crore
  • Issue expenses: Decreased from ₹0.40 crore to ₹0.36 crore
  • Total allocation remains unchanged at ₹500.00 crore

Governance Review

  • Audit Committee reviewed and approved the statement
  • No comments from auditors
  • No shareholder approval required for changes as they were within permissible limits

Capital Structure Impact

  • Increase of 9,72,22,222 equity shares through warrant conversion
  • Promoter holding increased through conversion of warrants allotted to Balram Garg