Sarda Proteins Board Approves Conversion of 72,50,000 Convertible Warrants to Equity
Sarda Proteins Limited officially completed the conversion of all 72,50,000 convertible warrants into equity shares following board approval on March 18, 2026. The conversion raised ₹62,53,12,500 from seven allottees, with Onix Renewable Limited contributing ₹60,37,50,000 for 70,00,000 warrants. The company's paid-up equity capital increased to ₹8,97,59,000 comprising 89,75,900 shares.
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Sarda Proteins Limited has officially completed the conversion of 72,50,000 convertible warrants into equity shares following board approval on March 18, 2026. The company submitted the outcome of this board meeting to BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015.
Board Meeting Outcome
The board of directors convened on March 18, 2026, from 6:30 PM to 6:45 PM to approve the conversion of all outstanding convertible warrants. This action represents the completion of a preferential allotment process that began with the original warrant allotment on April 8, 2025.
| Meeting Details: | Information |
|---|---|
| Meeting Date: | March 18, 2026 |
| Meeting Duration: | 6:30 PM to 6:45 PM |
| Primary Business: | Warrant conversion approval |
| Regulatory Filing: | BSE under Regulation 30 |
Conversion Specifics
The conversion involved all 72,50,000 convertible warrants being converted to an equal number of equity shares at ₹115 per warrant. The company received ₹62,53,12,500 from warrant holders, representing the remaining 75% of the issue price per warrant, as 25% was already collected during the initial allotment.
| Conversion Parameters: | Details |
|---|---|
| Total Warrants Converted: | 72,50,000 |
| Conversion Price: | ₹115 per warrant |
| Amount Received: | ₹62,53,12,500 |
| Face Value per Share: | ₹10 |
| Premium per Share: | ₹105 |
| Conversion Percentage: | 75% of issue price |
Capital Structure Enhancement
Following the warrant conversion, the company's issued, subscribed and paid-up equity share capital has increased to ₹8,97,59,000, comprising 89,75,900 fully paid-up equity shares of ₹10 each. The newly allotted equity shares rank pari passu with existing equity shares of the company.
Allottee Breakdown
The warrant conversion involved seven allottees from the public category (non-promoter), with Onix Renewable Limited being the dominant participant. The complete distribution shows:
| Allottee Name: | Warrants Converted | Amount Received (₹) |
|---|---|---|
| Onix Renewable Limited: | 70,00,000 | 60,37,50,000 |
| Piyush Mansukhbhai Savaliya: | 1,00,000 | 86,25,000 |
| Divyeshkumar Mansukhbhai Savaliya: | 1,00,000 | 86,25,000 |
| Nikhil Hareshbhai Savaliya: | 20,000 | 17,25,000 |
| Hardik Kantilal Adhiya: | 10,000 | 8,62,500 |
| Sudhir Amrutlal Vekariya: | 10,000 | 8,62,500 |
| Naman Madhavjibhai Viradiya: | 10,000 | 8,62,500 |
Regulatory Compliance
The entire process was conducted in accordance with SEBI (ICDR) Regulations, 2018, and the company fulfilled all disclosure requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The warrants carried conversion rights exercisable within 18 months from the date of allotment, with each warrant convertible into one fully paid-up equity share. All warrant holders opted for complete conversion, leaving no warrants pending for conversion.
How will Sarda Proteins utilize the ₹62.53 crore capital infusion for future business expansion or operational improvements?
What impact will Onix Renewable Limited's significant 96.55% stake have on Sarda Proteins' strategic direction and governance?
Will the increased share capital and liquidity position enable Sarda Proteins to pursue acquisitions or enter new market segments?
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