Pavna Industries forfeits ₹30.3 Cr from lapsed warrants
Pavna Industries Ltd announced the lapse and forfeiture of 24,00,000 convertible warrants. These warrants were issued on a preferential basis to promoter and promoter group entities at an issue price of ₹505 per warrant. The company received 25% of the issue price upfront at allotment, totaling ₹30.30 Crore. The remaining 75% was due within 18 months, by July 28, 2026. However, warrant holders informed the company they could not pay the balance consideration within the stipulated time. Consequently, the warrants have lapsed, and the upfront subscription amount of ₹30.30 Crore stands forfeited as per SEBI ICDR Regulations. The company also disclosed the identification of new Senior Management Personnel following an internal restructuring.
Key Highlights
- 24 lakh convertible warrants lapsed due to non-payment of balance consideration.
- Pavna Industries forfeits ₹30.30 Crore upfront subscription amount.
- No change in paid-up share capital expected from this event.
- Company also identified new Senior Management Personnel.
- Forfeited amount will be retained and accounted for as per standards.
Price Impact
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