This is a regulatory disclosure made to BSE Ltd. pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026.

The Board of Directors of the company, in its meeting held on Thursday, October 15, 2026 (commencing at 12:30 PM and concluding at 1:10 PM), approved the allotment of equity shares arising from the conversion of convertible warrants.

Background and Authorization

The original allotment of convertible warrants on a preferential basis to non-promoters was made on May 16, 2026. This was done pursuant to approval from shareholders granted in an Extra-Ordinary General Meeting (EGM) held on January 08, 2026. The EGM notice and explanatory statement were dated December 17, 2025, with a first corrigendum dated January 01, 2026, and a second corrigendum and addendum also issued.

Conversion and Allotment Details

The warrant holders paid 75% of the balance consideration, amounting to ₹5,06,79,963 (Rupees Five Crore Six Lakh Seventy-Nine Thousand Nine Hundred and Sixty-Three Only), to exercise their right to convert 56,31,107 warrants into an equivalent number of equity shares. This amount, combined with the 25% of the total consideration (₹1,68,93,321) received at the time of the original warrant allotment on May 16, 2026, constitutes 100% of the total consideration for these warrants.

The company allotted 56,31,107 equity shares of face value ₹10 each to the following five warrant holders:

  • Pramila Bharat Poojari: 18,00,000 shares for ₹1,62,00,000 (75% payment)
  • Biju Joseph: 3,07,524 shares for ₹27,68,000 (75% payment)
  • Uma: 9,71,775 shares for ₹87,45,975 (75% payment)
  • Ashish Meghraj Deobansi: 17,51,808 shares for ₹1,57,66,272 (75% payment)
  • Ramendur U Trivedi: 8,00,000 shares for ₹72,00,000 (75% payment)

Total Allotment: 56,31,107 equity shares for a total receipt of ₹5,06,79,963 (75% payment).

Financial and Capital Structure Impact

  • Issue Price per Warrant: ₹12
  • Subscription Price Paid Initially (25%): ₹3 per warrant
  • Conversion Price Paid Now (75%): ₹9 per warrant
  • Total Inflow from Warrant Conversion: ₹6,75,73,284 (56,31,107 warrants * ₹12)
  • Post-Allotment Paid-Up Share Capital: Increased to ₹23,04,17,950
  • Post-Allotment Total Equity Shares: 2,30,41,795 equity shares of ₹10 each

The newly allotted equity shares will be issued in dematerialized form and will rank pari passu with the existing equity shares of the company in all respects, subject to any lock-in restrictions as prescribed under SEBI ICDR regulations.

The warrants were eligible for conversion within 18 months from the date of their allotment (May 16, 2026). All 56,31,107 warrants have now been converted, and no warrants remain pending for conversion.