Raymond Ltd has allotted 66,57,373 convertible warrants to JK Investors (Bombay) Limited on a preferential basis. The warrants were allotted at a price of ₹497 each, comprising a face value of ₹10 and a premium of ₹487. This allotment follows the company's receipt of in-principle approval from BSE Limited and The National Stock Exchange of India Limited and the necessary shareholder nod.

The Board of Directors approved the allotment via a resolution passed through circulation on July 9, 2026. The company received an upfront subscription amount of ₹124.25 per warrant, equivalent to 25% of the total issue price. The warrants are convertible into an equal number of fully paid-up equity shares upon receipt of the balance 75% consideration within the stipulated timeframe.

Allotment and Shareholding Details

The preferential issue impacts the shareholding pattern of JK Investors (Bombay) Limited. The post-preferential shareholding is calculated on a fully diluted basis, assuming full conversion of the warrants and exercise of all outstanding employee stock options.

*On a fully diluted basis.

The total paid-up share capital of the company will remain unaffected until the actual conversion of these warrants into equity shares. The company is required to make an application for listing within twenty days from the date of allotment, as per SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023. The exchanges have mandated that the company strengthen internal controls to monitor trades executed by the allottees to prevent non-compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Raymond Limited has appointed Bhanu Prakash Srivastava as Chief Executive Officer – Defence, effective July 6, 2026, marking a significant milestone in its strategic expansion into the defence and aerospace ecosystem. Srivastava has been classified as Senior Management Personnel (SMP) of the company. The appointment is intended to strengthen the company's leadership as it focuses on building a future-ready, technology-led defence platform.

Leadership Profile

Srivastava brings nearly four decades of experience from Bharat Electronics Limited (BEL), where he held various senior leadership positions. He served as Chairman and Managing Director at BEL between 2022 and 2024. He holds a Bachelor of Technology degree in Mechanical Engineering from IIT-BHU (1986 batch) and a Master of Business Administration.

Strategic Expertise

During his tenure at BEL, Srivastava contributed to business growth in areas including Radio & Data equipment, Military and Telecom Switching Equipment, and C4I Systems. His experience covers Radars for the Army, Air Force, and Navy, Sonars, Fire Control Systems, and Communication systems for the Navy. He also worked on the Surface-to-Air Missile project for Naval Ships. As CMD, he tripled BEL's market capitalisation from ~₹51,000 crore to ₹1.5 lakh crore, secured ₹55,000+ crore in new orders, and launched 100+ products while strengthening R&D.

At Raymond, Srivastava will drive the strategic vision and operational roadmap for the defence business. The company aims to evolve its engineering capabilities from precision manufacturing to higher-value defence electronics, software, and systems integration. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, stated that Srivastava's exceptional leadership and deep understanding of complex defence programmes make him the ideal leader to spearhead Raymond's defence journey.