Indiabulls shareholders approve ₹1000.07 crore warrant issue

Indiabulls Limited shareholders have approved the preferential issue of warrants worth ₹1000.07 crore at its Extraordinary General Meeting (EGM) held on July 2, 2026. The resolution to issue warrants convertible into equity shares to promoter and non-promoter group entities was passed with 99.79% of votes in favour. The funds raised will be utilized for funding growth plans, meeting working capital requirements, and general corporate purposes across its diversified business verticals, including Real Estate, NBFC, Asset Reconstruction Company (ARC), and Stock Broking.

The EGM, convened via video conferencing, was chaired by Mr. Gurbans Singh, Executive Chairman of the Company. Remote e-voting was conducted from June 29, 2026, to July 1, 2026, followed by e-voting during the meeting. Mr. Nishant Mittal, Proprietor of M/s. N Mittal & Associates, was appointed as the Scrutinizer to oversee the voting process.

Voting Results

The special resolution received overwhelming support from shareholders across all categories. A total of 1,12,75,52,090 votes were polled, with 1,12,51,29,911 votes cast in favour and 24,22,179 votes against.

Category	Shares Held	Votes Polled	Votes in Favour	Votes Against	% in Favour
Promoter and Promoter Group	76,66,36,064	76,66,36,064	76,66,36,064	0	100.00%
Public - Institutions	41,88,70,342	20,87,20,133	20,63,27,019	23,93,114	98.85%
Public - Non-Institutions	1,14,40,37,196	15,21,95,893	15,21,66,828	29,065	99.98%
Grand Total	2,32,95,43,602	1,12,75,52,090	1,12,51,29,911	24,22,179	99.79%

Utilization of Proceeds

The company plans to deploy the ₹1000.07 crore proceeds within 18 months of receipt. The allocation includes ₹400 crore for funding growth plans of subsidiaries in Real Estate and NBFC businesses, ₹400 crore for working capital requirements of the company, and ₹150 crore for working capital requirements of subsidiaries across Real Estate, NBFC, ARC, and Stock Broking. The remaining ₹50.07 crore is earmarked for general corporate purposes.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.46%	-6.88%	+6.12%	+130.76%	+86.84%	-70.30%

Indiabulls Limited has scheduled an Extraordinary General Meeting (EGM) on July 2, 2026, to seek shareholder approval for a preferential issue of warrants worth ₹1000.07 crore. The company plans to issue up to 51,55,00,000 warrants at an issue price of ₹19.40 each, including a premium of ₹17.40, to promoter group entities and non-promoter group entities. The proceeds from the issue are intended to fund the growth plans of subsidiaries, meet working capital requirements, and support general corporate purposes.

The preferential issue will be made to four specific investors. Promoter group entities Phanes Limited and Hermes Limited are proposed to be allotted 22,52,50,000 and 14,02,50,000 warrants respectively. Non-promoter group entities EBISU Global Opportunities Fund Limited and Nyaasa Global Fund VCC – Nyaasa India EM Sub Fund are proposed to be allotted 10,00,00,000 and 5,00,00,000 warrants respectively. The issue price has been determined based on a valuation report from a SEBI-registered valuer and is higher than the floor price calculated as per SEBI ICDR Regulations.

Objects of the Issue

The company has outlined the allocation of the ₹1000.07 crore proceeds, with a permitted deviation of +/- 10% depending on future circumstances.

S. No	Objects	Estimated Amount	Estimated timeline for utilization
1	Funding growth plans of the subsidiary(ies)	INR 400,00,00,000	Within 18 months of receipt of issue proceeds
2	Working capital requirements of the Company	INR 400,00,00,000	Within 18 months of receipt of issue proceeds
3	Working capital requirements of the subsidiary(ies)	INR 150,00,00,000	Within 18 months of receipt of issue proceeds
4	General Corporate purposes	INR 50,07,00,000	Within 18 months of receipt of issue proceeds
Total		INR 1000,07,00,000	Within 18 months of receipt of issue proceeds

Terms of the Warrants

Each warrant is convertible into one fully paid-up equity share of face value ₹2. An amount equivalent to 25% of the issue price is payable at the time of allotment, with the balance 75% payable prior to the allotment of equity shares upon conversion. The warrants have an exercise period of 18 months from the date of allotment. If the right attached to the warrants is not exercised within this period, the warrants will lapse and the initial amount paid will be forfeited. However, if the company receives the balance 75% of the issue price but no notice for conversion is received, the warrants will be mandatorily converted into equity shares upon expiry of the 18-month period.

The Board of Directors approved the issue on June 3, 2026. Acuite Ratings & Research Limited has been appointed as the monitoring agency for the issue, as the size exceeds ₹100 crore. The agency will submit quarterly reports until the full utilization of proceeds. The relevant date for determining the floor price is June 2, 2026.

Shareholder Meeting Details

The EGM will be held through Video Conferencing or Other Audio Visual Means on July 2, 2026, at 11:30 AM IST. Remote e-voting will commence on June 29, 2026, at 10:00 AM and conclude on July 1, 2026, at 5:00 PM. The cut-off date for determining voting rights is June 25, 2026. The company has appointed Mr. Nishant Mittal, Proprietor of M/s. N Mittal & Associates, as the scrutinizer for the e-voting process.