Odyssey Corporation Converts 78.50 Lakh Convertible Warrants into Equity Shares
Odyssey Corporation Limited converted 78,50,000 convertible warrants into equity shares at ₹14 per share on May 02, 2026, raising ₹8,24,25,000. The allotment went to three promoters: Pooja Equiresearch Private Limited (69,00,000 shares), Hemanshu Ramniklal Mehta (4,75,000 shares), and Beena Hemanshu Mehta (4,75,000 shares). The conversion was executed under SEBI regulations with 20,50,000 warrants still pending conversion by two promoter entities.
*this image is generated using AI for illustrative purposes only.
Odyssey Corporation Limited has successfully converted 78,50,000 convertible warrants into equity shares following board approval on May 02, 2026. The conversion represents a significant milestone in the company's capital structure optimization, with all shares being allotted to promoter entities.
Warrant Conversion Details
The board of directors approved the conversion under Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Sections 62 and 42 of the Companies Act, 2013. Each convertible warrant was converted into one equity share at a conversion price of ₹14 per share.
| Parameter: | Details |
|---|---|
| Total Warrants Converted: | 78,50,000 |
| Face Value per Share: | ₹5 |
| Conversion Price: | ₹14 per share |
| Premium per Share: | ₹9 |
| Total Proceeds: | ₹8,24,25,000 |
| Conversion Ratio: | 1:1 |
Allotment to Promoters
The equity shares have been allotted exclusively to three promoter entities, with Pooja Equiresearch Private Limited receiving the largest allocation. The allotment strengthens promoter shareholding in the company.
| Allottee: | Shares Allotted | Amount Received (₹) | Warrants Pending |
|---|---|---|---|
| Pooja Equiresearch Private Limited: | 69,00,000 | 7,24,50,000 | 0 |
| Hemanshu Ramniklal Mehta: | 4,75,000 | 49,87,500 | 10,25,000 |
| Beena Hemanshu Mehta: | 4,75,000 | 49,87,500 | 10,25,000 |
Regulatory Compliance
The conversion was executed in accordance with Regulation 169 of the SEBI ICDR Regulations, ensuring full regulatory compliance. The company received the complete subscription amount as prescribed under the regulations before proceeding with the conversion.
Key compliance aspects include:
- Adherence to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Compliance with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015
- Following SEBI Circular SEBI/HO/CFD/CFD-POD-1/P/CIR/2023/123 dated July 13, 2023
Board Meeting Proceedings
The board meeting was conducted at the company's registered office on May 02, 2026, commencing at 11:30 AM and concluding at 12:10 PM. Wilson Marshal John, Whole Time Director (DIN: 02044154), signed the official communication to the Bombay Stock Exchange.
The conversion represents the completion of a preferential allotment process through warrant conversion, providing the company with additional capital while maintaining promoter control. With some warrants still pending conversion by two promoter entities, further equity expansion may occur in the future.
Historical Stock Returns for Odyssey Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.48% | -6.86% | +27.78% | +0.12% | -61.72% | +392.86% |
How will Odyssey Corporation utilize the ₹8.24 crore raised from warrant conversion for business expansion or debt reduction?
What timeline do the remaining promoters have to convert their pending 20.5 lakh warrants, and how might this affect future shareholding structure?
Could the increased promoter shareholding impact Odyssey's ability to raise funds from institutional investors or affect its public float requirements?
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