Key Quantitative Figures

The Board of Directors approved the allotment of 28,98,717 (28.99 lakh) Convertible Warrants on a preferential basis to 21 identified persons belonging to the Non-Promoter Category.

The warrants were allotted at an issue price of ₹147 per warrant, aggregating to ₹42,61,11,399 (₹42.61 crore).

The company received 25% of the issue price as upfront payment, amounting to ₹36.75 per warrant and aggregating to ₹10,65,27,849.75 (₹10.65 crore).

The balance 75% of the issue price, amounting to ₹110.25 per warrant, is payable upon conversion.

Dates of Action

The Board approved the allotment via Circular Resolution passed on October 15, 2026 at 14:59 IST.

The allotment follows a Special Resolution passed by members at the 19th Annual General Meeting held on September 11, 2026.

Parties Involved

The allotment was made to 21 non-promoter investors as detailed in Annexure A, including:

  • Mr. Amol Satish Godha (1,10,421 warrants)
  • Mr. Rohit Jain (45,000 warrants)
  • Mr. Rinku Kailashchand Jain (1,09,000 warrants)
  • Mr. Sourav Jain (45,000 warrants)
  • Mrs. Sushila Devi Jain (90,000 warrants)
  • Mrs. Rekha Jain (90,000 warrants)
  • Mr. Pankaj Kumar Jain (90,000 warrants)
  • Mr. Kailash Chand Jain (90,000 warrants)
  • Mr. Pranjal Mukesh Jain (4,50,000 warrants)
  • Mrs. Harshita Jain (90,000 warrants)
  • Mrs. Mala Jain (45,000 warrants)
  • Mr. Vipul Jumaklal Jain (45,000 warrants)
  • Manish M Davda HUF (22,500 warrants)
  • Mr. Hitesh Mathuradas Davda (22,500 warrants)
  • Mr. Rishab Jain (45,000 warrants)
  • Bharat Hastimal Rajawat HUF (73,625 warrants)
  • Mrs. Reshma Chapra (7,07,250 warrants)
  • Mrs. Saniya Chapra (2,06,000 warrants)
  • Mrs. Mubina Sofia (2,06,000 warrants)
  • Mrs. Shifa Chapra (2,06,000 warrants)

Conversion Terms

Each warrant entitles the holder to subscribe to and be allotted one fully paid-up equity share of face value ₹10 each at a premium of ₹137 per share.

Conversion must be exercised within 18 months from the date of allotment by payment of the balance 75% of the issue price.

If conversion is not exercised within 18 months, the warrants shall lapse and the upfront subscription amount shall be forfeited.

Listing and Ranking

The warrants were allotted in dematerialized form. The equity shares arising upon conversion shall rank pari passu with existing equity shares in all respects, including voting rights and dividend entitlement, and shall be listed on the stock exchanges.

Lock-in Requirements

The warrants and equity shares allotted upon conversion are subject to lock-in requirements under Regulation 167 and other relevant provisions of Chapter V of SEBI ICDR Regulations.

Any pre-preferential allotment shareholding of the allottees shall also remain subject to applicable lock-in requirements.