Power & Instrumentation (Gujarat) Limited has completed another significant warrant conversion, allotting 3,00,000 equity shares to its promoter group on March 19, 2026. The company's board of directors approved the conversion during a meeting held from 03:40 PM to 04:10 PM at their registered office in Ahmedabad.

Latest Share Allotment Details

The board meeting, presided over by Managing Director Padmaraj P. Pillai, approved the allotment of 3,00,000 equity shares through the conversion of an equal number of convertible warrants to M/S Padmavir Hospitality LLP, a promoter entity.

Updated Capital Structure Impact

Following this warrant conversion, the company's paid-up equity capital has increased from Rs. 20,86,89,000 consisting of 2,08,68,900 equity shares to Rs. 21,16,89,000 consisting of 2,11,68,900 equity shares of Rs. 10.00 each.

Promoter Shareholding Changes

The warrant conversion has resulted in an increase in the promoter group's shareholding. M/S Padmavir Hospitality LLP's equity holding has increased from 14,00,000 shares (6.71%) to 17,00,000 shares (8.03%) post-allotment.

Regulatory Compliance

The warrant conversion has been executed under the SEBI (Issue of Capital & Disclosure Requirements) Regulation, 2018, ensuring full regulatory compliance. The company has informed both NSE (Symbol: PIGL) and BSE (Scrip Code: 543912) about this corporate action in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The allotment represents the completion of M/S Padmavir Hospitality LLP's warrant conversion program, with all 17,00,000 warrants originally allotted to the promoter entity now fully converted into equity shares. The company had originally issued 50,96,000 warrants, and has now converted a total of 47,96,000 warrants into equity shares across various tranches.

Power & Instrumentation (Gujarat) Limited has successfully completed the acquisition of an additional 8.94% stake in Peaton Electrical Company Limited, increasing its total shareholding to 60%. The company disclosed this strategic investment under SEBI regulations on March 18, 2026, with the acquisition valued at Rs. 3.13 crore through cash consideration.

Transaction Details

The acquisition represents a significant expansion of Power & Instrumentation's control in its subsidiary company. Prior to this transaction, the company held 51.06% stake in Peaton Electrical Company Limited.

About Peaton Electrical Company Limited

Peaton Electrical Company Limited was incorporated on November 22, 2006, and operates in the electrical manufacturing sector. The company specializes in manufacturing unitized substations, MV panels up to 33 KV, LV panels including motor control centres, power control centres, PLC based panels, bus trunking systems, auto synchronizing panels, APFCR panels, and distribution boards.

Financial Performance

Peaton Electrical has demonstrated growth in recent years, with its financial performance showing an upward trajectory:

Strategic Objectives

The acquisition is designed to strengthen collaboration between both companies in several key areas:

• Product development initiatives
• Implementation of new technologies
• Preferred supplier relationships for LT panels, bus trunking systems, and compact substations
• Creation of incremental manufacturing capacity for electrical materials business

Regulatory Compliance

The transaction has been structured as a related party transaction under Section 177 of the Companies Act, 2013, and Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The investment received approval from both the Audit Committee and Board of Directors, confirming compliance with applicable regulatory requirements.

The promoter and promoter group currently holds 40% shareholding in Peaton Electrical Company Limited. Following this acquisition, the existing promoters will continue to lead the management and operations of the subsidiary company. No governmental or regulatory approvals were required for completing this transaction.