Pakka Limited announced the lapse of 36,00,000 fully convertible warrants that were allotted on a preferential basis, following the expiry of the conversion deadline on April 13, 2026. The company disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Warrant Details and Timeline

The warrants were originally allotted on October 14, 2024, at an issue price of ₹272 per warrant in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Under the terms of issuance, warrant holders had 18 months from the allotment date to exercise their conversion option by paying the balance consideration.

Warrant Holders and Distribution

The lapsed warrants were held by two entities. Carelian Bharat Amritkaal Fund held 20,50,000 warrants, while Carnelian Asset Management LLP held 15,50,000 warrants. Neither entity exercised their conversion option within the stipulated timeframe.

Financial Impact

As per Regulation 169(1) of the SEBI ICDR Regulations, the company has forfeited the upfront amount equivalent to 25% of the issue price that was received at the time of warrant allotment. The total forfeited amount stands at ₹24,48,00,000.

Capital Structure Impact

The company clarified that there is no change in its paid-up equity share capital following the lapse of these warrants. The lapse means that the potential dilution that would have occurred upon conversion of these warrants into equity shares will not materialize.

Regulatory Compliance

Pakka Limited made this disclosure in accordance with SEBI regulations and referenced the SEBI Master Circular dated January 30, 2026, regarding the lapse of fully convertible warrants. The information has also been made available on the company's website at pakka.com for stakeholder reference.

Pakka Limited has announced a key leadership appointment, naming Mayank Jindal as Business Head effective April 9, 2026. The appointment was approved by the Board of Directors on April 7, 2026, based on recommendations from the Nomination and Remuneration Committee, bringing significant industry expertise to the company's senior management team.

Board Approval and Regulatory Compliance

The appointment follows proper corporate governance procedures, with the Board of Directors approving Jindal's appointment on April 7, 2026. The company has fulfilled its regulatory obligations by disclosing the appointment under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency for stakeholders and stock exchanges.

Professional Background and Expertise

Jindal brings over 35 years of specialized experience in the pulp and paper industry, combining deep technical expertise with global exposure across India and international markets. His career spans work with renowned organizations including JK Paper in India, Double A in Thailand, and PT Toba Pulp Lestari in Indonesia. An alumnus of IIT Roorkee with a Bachelor's degree in Pulp and Paper Engineering, Jindal has played pivotal roles in building and strengthening large integrated pulp and paper operations.

Strategic Leadership Capabilities

Throughout his career, Jindal has demonstrated expertise in mill operations, process optimization, and continuous improvement, consistently driving efficiency, scale, and performance across organizations. His global experience and industry insight position him to contribute meaningfully to Pakka Limited's operational excellence and sustainable growth initiatives.

Corporate Governance Confirmation

As part of the regulatory disclosure, Pakka Limited confirmed that Jindal is not related to any Director or Key Managerial Personnel of the company, ensuring independence in his role. The company also verified that he is not debarred from holding office by SEBI or any other regulatory authority, maintaining compliance with corporate governance standards.