NewsCrown Lifters Limited Forfeits Subscription Amount on 5,10,000 Unexercised Convertible WarrantsCrown Lifters Limited Forfeits Subscription Amount on 5,10,000 Unexercised Convertible Warrants
Crown Lifters Limited has disclosed the forfeiture of the 25% subscription amount on 5,10,000 (Five Lakh Ten Thousand) convertible equity warrants after 9 holders failed to exercise the conversion option on or before May 11, 2026, the 18-month deadline from the date of allotment. The warrants were originally issued at Rs. 268/- per warrant on a preferential basis, with Rs. 67/- per warrant collected as the initial 25% subscription amount. The forfeiture is in accordance with Regulation 169(3) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Crown Lifters Limited has intimated stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that 5,10,000 (Five Lakh Ten Thousand) convertible equity warrants have lapsed following the non-exercise of the conversion option by 9 warrant holders within the prescribed 18-month period from the date of allotment. The deadline for exercising the conversion option was May 11, 2026. As a consequence, the 25% subscription amount received on these warrants stands forfeited in accordance with Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Background: Original Warrant Allotment
The disclosure references the Company's earlier intimation dated 12th November 2024, wherein Crown Lifters had informed exchanges that it had allotted 8,76,656 (Eight Lakhs Seventy-Six Thousand Six Hundred Fifty-Six) convertible equity warrants to a total of 17 allottees on a preferential basis. The warrants were issued at a price of Rs. 268/- per warrant. At the time of allotment, an initial subscription amount of Rs. 5,87,35,952/- (Indian Rupees Five Crores Eighty Seven Lakhs Thirty Five Thousand Nine Hundred Fifty Two only), representing 25% of the issue price, was collected from the allottees.
Forfeiture Details: Warrant Holders Who Did Not Exercise Conversion
Of the total warrants allotted, 5,10,000 warrants remained unconverted as 9 holders did not exercise their option within the 18-month window. Each of these warrant holders had paid Rs. 67/- per warrant (being 25% of the issue price of Rs. 268/-) at the time of allotment, and this amount is now liable for forfeiture. The following table details the warrant holders and the number of warrants subject to forfeiture:
| Warrant Holder: | Warrants Applied For | Warrants Liable for Forfeiture |
|---|---|---|
| Narender Kumar Rastogi | 25,000 | 25,000 |
| Best Containers Private Limited | 50,000 | 50,000 |
| Saket Agrawal | 1,00,000 | 1,00,000 |
| Amit P Verma | 50,000 | 50,000 |
| Priyanka Kapil Sharma | 50,000 | 50,000 |
| Kavita Bansal | 10,000 | 10,000 |
| Pushkar Mal Gupta | 50,000 | 50,000 |
| Deepdive Media Pvt. Ltd. | 1,00,000 | 1,00,000 |
| Laila Malik Batala | 25,000 | 25,000 |
| Total | 5,10,000 | 5,10,000 |
None of the 9 warrant holders converted any of their warrants into equity shares, as the conversion figure for each stands at Nil.
Regulatory Compliance
The forfeiture is being effected in accordance with Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which mandates that the upfront subscription amount paid on convertible warrants is liable to be forfeited if the conversion option is not exercised within 18 months from the date of allotment. Crown Lifters has requested the exchanges to take the disclosure on record as compliance under the applicable SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure has also been made available on the Company's website at www.crownlifters.com . The intimation was signed by Pooja Shirke, Company Secretary & Compliance Officer (ACS 74805), on May 12, 2026.
Historical Stock Returns for Crown Lifters
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.36% | -15.56% | +3.52% | -7.20% | -19.49% | +1,090.04% |
How will Crown Lifters utilize the forfeited subscription amount of approximately ₹3.42 crore, and could it be redeployed for fresh capital raising initiatives?
Will the lapse of 5,10,000 warrants prompt Crown Lifters to launch a new preferential allotment at a revised price point given potential changes in the company's stock valuation since November 2024?
What does the non-conversion by 9 out of 17 warrant holders signal about institutional and retail investor confidence in Crown Lifters' growth prospects going forward?
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