Diamines & Chemicals Files SEBI Disclosure Following Warrant Conversion
Diamines & Chemicals Limited has filed a comprehensive SEBI disclosure under Regulation 29(2) following the conversion of 2,69,402 warrants into equity shares by the promoter group on March 24, 2026. The conversion increased the promoter group's shareholding from 55.98% to 57.10%, with seven promoter entities participating in the conversion led by Amit M. Mehta and Cherry A. Mehta. The company's paid-up capital increased from Rs. 9,78,39,900 to Rs. 10,05,33,920, while 3,23,388 warrants remain outstanding for future conversion.
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Diamines & Chemicals Limited has filed a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the successful conversion of 2,69,402 warrants into equity shares. The conversion was executed on March 24, 2026, after receiving board approval and the balance subscription amount from allottees.
SEBI Disclosure Requirements
The company received the disclosure dated March 25, 2026, from promoter group member Amit M. Mehta on behalf of the promoter and promoter group. The filing was necessitated due to the substantial acquisition of shares through warrant conversion, which increased the promoter group's shareholding from 55.98% to 57.10%.
| Parameter: | Details |
|---|---|
| Filing Date: | March 25, 2026 |
| Regulation: | SEBI Takeover Regulations 29(2) |
| Mode of Acquisition: | Conversion of warrants into equity shares |
| Acquirer and PAC: | 7 promoter entities + 3 PAC members |
Warrant Conversion Details
The conversion involved 2,69,402 warrants at Rs. 414.00 per warrant, representing 75% of the issue price of Rs. 552.00. The company received Rs. 11,15,32,428.00 from allottees for the conversion, which stems from the original allotment of 9,06,390 warrants issued on October 01, 2024.
| Metric: | Before Conversion | After Conversion |
|---|---|---|
| Paid-up Capital: | Rs. 9,78,39,900 | Rs. 10,05,33,920 |
| Number of Shares: | 97,83,990 | 1,00,53,392 |
| Diluted Share Capital: | Rs. 10,69,03,800 | 1,06,90,380 shares |
| Face Value per Share: | Rs. 10.00 | Rs. 10.00 |
Promoter Group Shareholding Changes
The warrant conversion resulted in significant changes to the promoter group's shareholding pattern. Seven promoter entities participated in the conversion, with Amit M. Mehta and Cherry A. Mehta being the largest converters.
| Promoter Entity: | Shares Converted | Post-Conversion Holding | Shareholding % |
|---|---|---|---|
| Amit M. Mehta: | 71,460 | 13,59,459 | 13.52% |
| Cherry A. Mehta: | 67,582 | 11,50,829 | 11.45% |
| Perfo Chem India Pvt Ltd: | 16,196 | 9,87,195 | 9.82% |
| Harsh A. Mehta: | 36,816 | 5,53,834 | 5.51% |
| Mohak A. Mehta: | 40,546 | 5,49,024 | 5.46% |
| Finorga (India) Pvt Ltd: | 12,752 | 5,16,320 | 5.14% |
| S. Amit Specialty Chemicals Pvt Ltd: | 18,250 | 5,13,714 | 5.11% |
Outstanding Warrants and Future Conversions
Following this conversion, 3,23,388 warrants remain outstanding with the promoter group, representing 3.03% of the diluted share capital. The remaining warrants can be converted within 18 months from the original allotment date of October 01, 2024, upon payment of the balance 75% warrant amount. Additionally, 6,36,988 total warrants remain pending for conversion across all allottees.
The newly allotted equity shares will rank pari passu with existing equity shares, subject to completion of necessary corporate actions and receipt of listing and trading approvals from BSE and NSE.
Will the remaining 3,23,388 outstanding warrants held by the promoter group be converted before the April 2026 deadline, potentially increasing their shareholding beyond 60%?
How might the increased promoter shareholding from 55.98% to 57.10% affect the company's ability to raise funds from institutional investors or impact its public float requirements?
What strategic initiatives or expansion plans does Diamines & Chemicals have in mind that would justify the Rs. 11.15 crore capital infusion from warrant conversions?
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