Power & Instrumentation (Gujarat) Limited has announced the receipt of an additional work order valued at Rs 11,72,16,053 from Ajmer Vidyut Vitran Nigam Limited. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Overview

The comprehensive project involves the supply, erection, installation, testing and commissioning of material and equipment for developing distribution infrastructure work. The initiative focuses on on-grid electrification of un-electrified households and public institutions across tribal villages under the Dharti Aaba Janjatiya Gram Utkarsh Abhiyana (DA-JGUA) scheme, implemented under the RDSS (Revamped Distribution Sector Scheme).

Geographic Coverage

The electrification project spans across 9 circles within the Ajmer Discom area, covering strategically important tribal regions:

• Ajmer
• Banswara
• Bhilwara
• Chhitorgarh
• Dungarpur
• Pratapgarh
• Salumbar
• Sikar
• Udaipur

Project Specifications

The work order encompasses a complete turnkey solution for distribution infrastructure development. The project aims to provide electricity access to previously un-electrified households and public institutions in tribal villages, supporting the government's rural electrification objectives under the DA-JGUA initiative.

Regulatory Compliance

The company has fulfilled its disclosure obligations under SEBI regulations, providing comprehensive details about the order terms and conditions. This additional work order represents a continuation of the company's engagement with Ajmer Vidyut Vitran Nigam Limited. The project aligns with the company's core competencies in power infrastructure development and reinforces its position in the distribution sector modernization space.

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.