Legal1 Apr 2026, 03:12 pm
Race Eco Chain Ltd Forfeits Subscription Amount of Convertible Warrants Due to Non-Exercise of Conversion Option
AI Summary
Race Eco Chain Ltd has announced the forfeiture of the subscription amount received against 19,55,000 convertible warrants. The warrants, allotted on a preferential basis to 27 allottees, had a warrant exercise price of Rs. 264.00 per warrant. However, the persons listed in Annexure-1 did not exercise their option to convert the pending warrants within the stipulated period of 18 months from the date of allotment. Accordingly, in terms of Regulation 169(3) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the subscription amount stands forfeited. This decision will be made available on the Company’s website.
Key Highlights
- Race Eco Chain Ltd has forfeited the subscription amount of 19,55,000 convertible warrants due to non-exercise of the conversion option within the stipulated period.
- The warrants were allotted to 27 allottees at an issue price of Rs. 352.00 per warrant, with a warrant exercise price of Rs. 264.00 per warrant.
- An amount of Rs. 17,20,40,000, being 25% of the issue price, was received as the initial subscription amount at the time of allotment.
- The persons who did not exercise their option to convert the pending warrants within the stipulated period have had their subscription amount forfeited.
- This decision is in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.