KRANTI INDUSTRIES LIMITED convened a meeting of its Board of Directors on Friday, May 08, 2026, at the company's registered office located at Gat No. 267/B/1, At Post Pirangut, Tal. Mulshi, Pune 412115, Maharashtra, India. The meeting was held pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 12:30 PM (IST) and concluded at 01:30 PM (IST).

Board Decision: Warrant Forfeiture Approved

The Board of Directors considered and approved the forfeiture of application money received from Evolution Capital Advisory Services Private Limited (the "Warrant Holder") due to the non-exercise of 2,50,000 (Two Lakh Fifty Thousand) convertible warrants within the prescribed warrant tenure. In accordance with Regulation 169(3) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the board approved the forfeiture of application money amounting to ₹50,00,000/- (Rupees Fifty Lakhs Only) and the cancellation of the remaining 2,50,000 (Two Lakh Fifty Thousand) warrants.

Background: Warrant Allotment and Conversion History

Kranti Industries had allotted 15,00,000 (Fifteen Lakh) fully convertible warrants at an issue price of ₹80/- (Rupees Eighty only) per warrant to the Warrant Holder on October 23, 2024. Out of these, 12,50,000 (Twelve Lakh Fifty Thousand) warrants were subsequently converted into equity shares of the company. The company had communicated to the Warrant Holder via email, requesting remittance of ₹1,50,00,000/- (Rupees One Crore Fifty Lakh only) towards the conversion of the remaining 2,50,000 warrants on or before April 22, 2026, being the last date for conversion. However, the Warrant Holder failed to exercise the conversion option within the prescribed timeline, prompting the board's forfeiture decision.

Key Details at a Glance

The following table summarises the key particulars of the board meeting and the warrant forfeiture:

The intimation was submitted to BSE Limited, with Sampada Shekhar Barsawade, Company Secretary and Compliance Officer, signing the communication on behalf of Kranti Industries Limited.

KRANTI INDUSTRIES LIMITED has informed BSE Limited about the forfeiture of upfront amount received against unconverted warrants following the non-exercise of conversion option by one of its warrant holders. The intimation was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company had previously allotted 16,00,000 fully convertible warrants on a preferential basis to non-promoter allottees at an issue price of ₹80 per warrant on October 23, 2024. The warrants were allotted upon receipt of 25% of the issue price, amounting to ₹20 per warrant, with the balance 75% (₹60 per warrant) payable within 18 months from the date of allotment.

Evolution Capital Advisory Services Private Limited was allotted 15,00,000 convertible warrants. The warrant holder exercised the conversion option for 12,50,000 warrants, converting them into equity shares upon payment of the balance consideration within the stipulated 18-month period. However, the remaining 2,50,000 warrants were not converted on or before the deadline of April 22, 2026.

Consequently, the upfront amount received by the company in respect of the unconverted warrants stands forfeited in terms of Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, subject to approval of the Board of Directors at its ensuing meeting.

The company has confirmed that there is no change in its capital structure due to the lapsing or cancellation of these warrants. Sampada Shekhar Barsawade, Company Secretary and Compliance Officer of KRANTI INDUSTRIES LIMITED, signed the intimation on April 23, 2026.