The Company had originally allotted 50,00,000 (Fifty Lakh) convertible warrants on January 28, 2025, on a preferential basis at an issue price of ₹40 per warrant. The warrants were convertible into equity shares within 18 months from the date of allotment (up to July 28, 2026).
During the conversion period, warrant holders exercised their right to convert warrants into equity shares in two tranches:
- 10,90,000 (Ten Lakh Ninety Thousand) equity shares allotted on February 10, 2026
- 15,20,000 (Fifteen Lakh Twenty Thousand) equity shares allotted on June 9, 2026
Total warrants exercised: 26,10,000
Total warrants lapsed: 23,90,000 (remaining outstanding as of the disclosure date)
The warrants that lapsed belonged to warrant holder Manish Turakhia. The Company has forfeited ₹2,39,00,000 (Rupees Two Crore Thirty-Nine Lakh only) corresponding to the lapsed warrants.
The disclosure confirms that there is no change in the paid-up share capital of the Company as a result of these events.
The intimation is made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, and is signed by Jay Jatin Shah, Whole-Time Director & CFO (DIN: 09072405).