Garnet International: 27 Lakh Warrants Lapse Due to Non-Payment

Garnet International Ltd announced that 27,00,000 convertible warrants, allotted on February 10, 2025, have lapsed. The warrants were issued on a preferential basis at ₹131 per warrant, with 25% upfront payment received. Subscribers from both Promoter Group and Non-Promoter categories failed to pay the remaining 75% balance consideration within the stipulated 18-month tenure. Consequently, the warrants remain unexercised, and there is no change in the company's paid-up share capital. The upfront application money of ₹8,84,25,000 will be transferred to the Capital Reserve Account, subject to Board approval. Defaulting allottees will be ineligible for future preferential issues for one year.