Durlax Top Surface has provided clarifications regarding the pricing and fund utilization timeline for its proposed preferential issue of convertible warrants. The company addressed the payment schedule and a minor variance in the volume weighted average price (VWAP) calculation in a filing submitted to the National Stock Exchange of India Limited on June 10, 2026.

Payment Schedule for Warrants

The company outlined that 25% of the warrant subscription amount must be received within 15 days from the date of receipt of in-principle approval from the stock exchanges. The remaining 75% of the subscription amount is to be received in one or more tranches within a period of 18 months from the date of allotment of the warrants. This structure is in accordance with the applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Since the receipt of the balance 75% is contingent upon the exercise of conversion rights by warrant holders, the company stated that it is not feasible to specify a definitive timeline for the receipt of these funds. Consequently, Durlax Top Surface proposes to utilize the proceeds within a period of 12 months from the respective dates of receipt of such funds.

Pricing Discrepancy Resolution

The filing also addressed a difference in the 90 trading days VWAP of the company's equity shares. According to the valuation report from an Independent Valuer, the VWAP was computed at ₹45.67 per share. However, the NSE computed the VWAP at ₹45.69 per share.

The company clarified that the difference of ₹0.02 is solely due to rounding. It confirmed that this variance does not impact the minimum price determined under the SEBI (ICDR) Regulations, 2018, and therefore, the issue price of the convertible warrants remains unchanged.

The promoter and promoter group of durlax top surface have declared that they did not create any encumbrance, directly or indirectly, on their shares during the financial year 2025-26. This disclosure was submitted to the National Stock Exchange of India Limited on April 6, 2026, in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The declaration confirms that the promoters have maintained their holdings without any pledged or encumbered status throughout the specified period.

Declaration Details

The intimation was signed by Shravan L. Suthar as the authorised signatory on behalf of the promoter and promoter group. The document explicitly states that no encumbrance was made at any time during FY 2025-26. The filing serves as a formal confirmation to the exchange regarding the status of the promoters' shareholding.

Promoter and Promoter Group

The declaration covers the following individuals associated with Durlax Top Surface Limited:

The submission was addressed to the Manager - Listing Compliance at the National Stock Exchange of India Limited, referencing the company's scrip code DURLAX.