Cranex Limited Files SEBI Disclosure Following Warrant Conversion and Share Allotment
Cranex Limited completed significant equity restructuring on April 24, 2026, involving conversion of 14.5 lakh warrants into equity shares at Rs. 102 each and forfeiture of 7.6 lakh warrants. The company filed mandatory SEBI disclosure under substantial acquisition regulations, with promoter group acquiring 7 lakh shares and increasing their total holding. The paid-up share capital increased from Rs. 6.57 crore to Rs. 8.02 crore.
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Cranex Limited completed significant equity restructuring activities on April 24, 2026, involving warrant conversion, share allotment, and warrant forfeiture, followed by mandatory regulatory disclosures under SEBI regulations. The company's Board of Directors approved the allotment of 14,50,000 equity shares upon warrant conversion while simultaneously forfeiting 7,60,000 warrants due to non-exercise by warrant holders.
SEBI Substantial Acquisition Disclosure
Following the warrant conversion, Cranex Limited filed a substantial acquisition disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure was submitted by Chaitanya Agrawal on behalf of the promoter group, which includes Piyush Agrawal, Ritu Agrawal, Chaitanya Agrawal, Amitabh Agrawal, and Ritu Investment Pvt. Ltd.
| Parameter: | Details |
|---|---|
| Filing Date: | April 24, 2026 |
| Regulation: | SEBI (SAST) Regulation 29(2) |
| Acquirer Group: | Promoter Group (5 entities) |
| Exchange: | BSE Limited |
| Scrip Code: | 522001 |
Equity Share Allotment Details
The company allotted 14,50,000 equity shares of face value Rs. 10.00 each at an issue price of Rs. 102.00 per share, including a premium of Rs. 92.00 each. The allotment was made to eight investors across promoter and non-promoter categories.
| Allottee Category: | Name | Shares Allotted |
|---|---|---|
| Promoter: | Chaitanya Agrawal | 4,00,000 |
| Promoter Group: | Amitabh Agrawal | 3,00,000 |
| Non-Promoter: | Securocrop Securities India Private Limited | 4,00,000 |
| Non-Promoter: | Saket Agarwal | 1,50,000 |
| Non-Promoter: | Sangeeta Pareekh | 90,000 |
| Non-Promoter: | Vidhi Bansal Gupta | 50,000 |
| Non-Promoter: | Vivek Sawhney | 40,000 |
| Non-Promoter: | Amit Kumar | 20,000 |
| Total: | 14,50,000 |
Promoter Group Shareholding Changes
The SEBI disclosure reveals detailed changes in promoter group holdings following the warrant conversion. The promoter group converted 7,00,000 warrants into equity shares, significantly altering their shareholding pattern.
| Promoter Entity: | Pre-Conversion Shares | Post-Conversion Shares | Shares Acquired |
|---|---|---|---|
| Piyush Agrawal: | 2,42,345 | 2,42,345 | - |
| Ritu Agrawal: | 1,90,000 | 5,90,000 | 4,00,000 |
| Chaitanya Agrawal: | - | 3,00,000 | 3,00,000 |
| Amitabh Agrawal: | 1,00,000 | 1,00,000 | - |
| Total Group Holding: | 32,32,345 | 39,32,345 | 7,00,000 |
Share Capital Impact
Following the warrant conversion, the company's equity structure underwent substantial changes. The paid-up equity share capital increased from Rs. 6,57,00,000 to Rs. 8,02,00,000, with total shares outstanding reaching 80,20,000 equity shares of Rs. 10.00 face value each.
| Capital Structure: | Before Conversion | After Conversion |
|---|---|---|
| Paid-up Capital: | Rs. 6,57,00,000 | Rs. 8,02,00,000 |
| Total Shares: | 65,70,000 | 80,20,000 |
| Face Value: | Rs. 10.00 | Rs. 10.00 |
Warrant Forfeiture Details
Simultaneously, the company forfeited 7,60,000 warrants due to non-exercise of conversion option within the stipulated 18-month period. Seven warrant holders failed to convert their warrants into equity shares, resulting in forfeiture of the 25% amount paid at warrant allotment.
| Warrant Holder: | Warrants Forfeited |
|---|---|
| Gaurav Singh: | 2,10,000 |
| Bhavya Jain: | 2,05,000 |
| Doshi Sagar Hareshkumar: | 1,00,000 |
| Parth Shah: | 1,00,000 |
| Niveshaay Hedgehogs LLP: | 1,00,000 |
| Priti Mehul Gandhi: | 35,000 |
| Urban Botanics Private Limited: | 10,000 |
| Total: | 7,60,000 |
Historical Stock Returns for Cranex
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.32% | -6.84% | -4.40% | +0.03% | -15.96% | +625.88% |
How will the Rs. 45 crore capital infusion from warrant conversion impact Cranex Limited's expansion plans and operational capabilities?
What strategic advantages might the increased promoter shareholding from 49.2% to 49.0% provide in future corporate decisions and governance?
Could the significant warrant forfeiture by seven investors signal potential concerns about Cranex's market valuation or growth prospects?
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