Power & Instrumentation (Gujarat) Limited has received regulatory disclosure from promoter group entity Padmavir Hospitality LLP regarding warrant conversion completed on March 19, 2026. The company's board meeting approved the conversion of 3,00,000 warrants into equity shares through preferential allotment, marking a significant development in the promoter group's equity participation.

Latest Warrant Conversion Details

Padmavir Hospitality LLP filed the required disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the board meeting held on March 19, 2026. The warrant conversion was executed under SEBI (Issue of Capital & Disclosure Requirements) Regulation, 2018.

Updated Capital Structure Impact

Following this warrant conversion, the company's equity share 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. The total diluted share capital stands at Rs. 21,16,89,000 comprising 2,11,68,900 equity shares.

Promoter Shareholding Changes

The warrant conversion has resulted in a significant increase in Padmavir Hospitality LLP's shareholding. The promoter entity's equity holding has increased from 14,00,000 shares (7.25%) to 17,00,000 shares (8.03%) post-conversion, with all warrants now fully converted.

Regulatory Compliance

The company has informed both NSE (Symbol: PIGL) and BSE (Scrip Code: 543912) about this corporate action in accordance with regulatory requirements. The warrants were fully convertible into equity shares within 18 months from the date of allotment, with each warrant convertible into one fully paid-up equity share at Rs. 83.75 per warrant.

The conversion represents the complete utilization of warrants allotted to Padmavir Hospitality LLP, strengthening the promoter group's stake in the company. The transaction was executed through preferential allotment mechanism, ensuring compliance with SEBI regulations for substantial acquisition disclosures.

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.