Kizi Apparels Ltd Reduces Convertible Warrants Allotment from 25,08,000 to 23,04,000 Due to Non-Payment

Kizi Apparels Ltd, a company registered at H-629, Phase-II, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan, India, has revised the allotment of convertible warrants from 25,08,000 to 23,04,000. This decision was made due to the non-receipt of the requisite 25% upfront consideration from two proposed allottees within the stipulated time. The company had received in-principle approval from BSE Limited for issuance of up to 25,08,000 Convertible Warrants on a preferential basis. However, only 10 out of 12 proposed allottees paid the requisite 25% upfront consideration within the stipulated timeline. Therefore, the company proceeded with the allotment of 23,04,000 Convertible Warrants to these 10 allottees. The total amount of consideration has also been reduced from Rs 97,18,500 to Rs 89,28,000.