Balgopal Commercial Limited has successfully completed the allotment of 19,00,000 equity shares through warrant conversion by promoter group members. The Board of Directors approved this allotment on March 21, 2026, following the exercise of conversion rights by warrant holders who paid the remaining 75% of the issue price.

Warrant Conversion Details

The warrant conversion involved two promoter group members who exercised their conversion rights from the originally allotted 45,00,000 warrants issued on January 20, 2025. The warrants were initially issued at Rs. 60.00 per warrant with a face value of Rs. 10.00 each, including a premium of Rs. 50.00.

Allottee Breakdown

The warrant conversion was executed by two promoter group members with varying conversion amounts:

Impact on Share Capital

The warrant conversion has resulted in a significant increase in the company's paid-up equity share capital. The newly allotted equity shares rank pari-passu with existing equity shares in all respects.

Shareholding Changes

The warrant conversion has altered the shareholding pattern of the promoter group members:

Outstanding Warrants and Next Steps

Out of the total 45,00,000 warrants originally allotted, 26,00,000 warrants remain outstanding for conversion. The remaining warrant holder, Sandeep Jindal, is entitled to convert these warrants into an equal number of equity shares by paying the remaining 75% amount within 18 months from the original warrant allotment date of January 20, 2025. The company will apply for listing and trading approval from the stock exchange for the newly allotted equity shares in due course.

Balgopal Commercial Limited has announced a significant real estate development partnership through its wholly owned subsidiary. Dreamax Buildtech Private Limited has entered into a Joint Development Agreement (JDA) with Aakshya Ara Developers LLP on March 12, 2026, marking a strategic move in the Mumbai real estate market.

Project Details and Location

The joint development agreement covers an immovable property measuring 3770.80 square metres, strategically located at GTB Nagar, Lalbaug, Mumbai-400022. The property bears Survey No. 292 (part) and C.T.S No. 639 of Village Kurla, Taluka Kurla in Mumbai Suburban District.

Partnership Structure and Financial Terms

The joint venture establishes a clear partnership ratio between the two entities, with Dreamax Buildtech Private Limited holding 40% and Aakshya Ara Developers LLP maintaining 60% ownership. The financial arrangement includes a substantial security deposit commitment from the development partner.

Operational Framework and Responsibilities

Under the agreement terms, Aakshya Ara Developers LLP will assume comprehensive responsibility for the project development. The joint developer will undertake planning, development, construction, and implementation of the proposed real estate project on the identified land. Key operational responsibilities include:

• Managing 100% of construction costs
• Obtaining all necessary RERA approvals
• Completing the project within 48 months from land handover
• Conducting all marketing activities under the "Aakshya" brand name
• Assuming all operational and legal risks post-handover

Dreamax Buildtech Private Limited, as the New Developer, will be responsible for title clearance and demolishing existing structures on the property.

Strategic Benefits and Risk Management

The agreement provides a structured legal framework that allows Aakshya Ara Developers LLP to proceed with property development while ensuring Dreamax Buildtech Private Limited remains protected from operational defaults or third-party claims. The revenue and developed area from the project will be shared between the parties according to the established joint venture ratio, subject to receiving necessary approvals from relevant statutory authorities.

The partnership represents a domestic joint development initiative that leverages the expertise of both entities in the Mumbai real estate market. The arrangement allows Balgopal Commercial's subsidiary to participate in real estate development while transferring operational responsibilities to an experienced development partner.