Race Eco Chain Limited has officially announced the forfeiture of subscription amounts totaling ₹17,20,40,000 from convertible warrants after all 27 warrant holders failed to exercise their conversion option within the regulatory timeframe. The company informed both stock exchanges through an official board meeting outcome dated April 01, 2026, confirming that none of the allottees converted their warrants before the March 31, 2026 deadline.

Warrant Issuance and Forfeiture Details

The convertible warrants were originally allotted on October 01, 2024, at an issue price of ₹352.00 per warrant to 27 allottees on a preferential basis. The pricing structure included a warrant subscription price of ₹88.00 per warrant and a warrant exercise price of ₹264.00 per warrant, with warrant holders paying 25% of the total issue price as initial subscription amount.

Regulatory Framework and Compliance

Under Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, warrant holders had 18 months from the date of allotment to exercise their conversion option. The company has fulfilled its compliance obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing both the Bombay Stock Exchange and National Stock Exchange about the forfeiture.

Complete Breakdown of Forfeited Holdings

The forfeited warrants span across promoter group and non-promoter categories, with detailed allocation provided in the official annexure. The largest individual forfeitures include Petflakes Poymers India Private Limited with 4,62,500 warrants, Devbhoomi Commercial Private Limited with 4,32,500 warrants, and BGP 11 Analytics Private Limited from the promoter group with 2,20,000 warrants.

Other significant forfeitures include various individual investors and entities such as ASI Trust and SIA Trust (50,000 warrants each), along with multiple smaller holdings ranging from 10,000 to 50,000 warrants distributed among the remaining allottees including members of the Sharma, Pareek, and Gupta families.

Financial Impact and Documentation

The forfeiture represents the automatic enforcement of regulatory provisions designed to ensure timely decision-making by warrant holders regarding equity conversion. The company has made the complete documentation available on its website at www.raceecochain.com , including the detailed annexure listing all 27 warrant holders and their respective forfeited amounts. This development concludes the preferential warrant issuance process that began in October 2024.

Race Eco Chain has informed stakeholders about a GST search conducted at its Noida office, providing detailed disclosure under regulatory requirements and confirming no violations were found during the examination.

GST Search Operations Details

The company disclosed that GST authorities conducted search operations at its corporate office on March 27, 2026. The search was carried out by the Commissioner, CGST Commissionerate, Noida, as part of regulatory procedures undertaken by tax authorities.

Regulatory Compliance Disclosure

Race Eco Chain has provided comprehensive details pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that no search authorization direction or order was issued, and no violations or contraventions were committed or alleged to be committed during the examination process.

Impact Assessment

The management has provided clear assurance regarding the search's impact on business operations. The company has specifically stated that the GST search operations resulted in no financial, operational, or other quantifiable impact on its activities.

The formal disclosure demonstrates the company's commitment to transparency in communicating regulatory developments to stakeholders and maintaining compliance with both tax regulations and stock exchange listing requirements.