South West Pinnacle Exploration has allotted 28.21 lakh equity shares at ₹132.20 per share following the conversion of warrants, increasing its paid-up equity capital to ₹32.65 crore. Promoters Vikas Jain and Piyush Jain acquired 22.69 lakh of these shares, raising their combined holding to 65.94%. Simultaneously, the promoters disposed of 1.11 lakh shares in the open market prior to the allotment.

Warrant Conversion and Capital Increase

The company converted 28.21 lakh warrants into equity shares on July 10, 2026, fulfilling the terms of a preferential allotment made on February 21, 2025. The issue price was ₹132.20 per warrant, which included an initial payment and a subsequent exercise payment of ₹33.05 per warrant. This conversion increased the total equity share capital to ₹32.65 crore, comprising 3.26 crore shares of ₹10 each.

Promoter Holdings and Market Activity

Vikas Jain and Piyush Jain converted their respective holdings of 11.34 lakh warrants each. Post-allotment, their combined holding in voting rights stands at 65.94%. However, the promoters reduced their stake by selling 1.11 lakh shares through the open market on June 29 and June 30, 2026. The sales were made by Vikas Jain (51,546 shares) and Piyush Jain (60,105 shares).

South West Pinnacle Exploration Ltd has secured a contract extension worth approximately ₹166.82 crore from Reliance Industries Ltd for providing Coal Bed Methane (CBM) production services in Madhya Pradesh. The contract, valid for 15 months with an option to extend by a further six months, is expected to start generating revenue from the second quarter of FY27. This development has increased the company's order book to over ₹760 crore, providing growth visibility for the next two to three years.

The contract extension follows the same terms and conditions as the previous agreement. The project is classified as a domestic transaction and does not fall under related party transactions. The company confirmed that neither the promoter group nor group companies hold any interest in the entity awarding the contract.

Operational Details

Mr. Vikas Jain, Chairman & Managing Director, stated that no additional assets are needed for the execution of this contract. Mr. Piyush Jain, Joint Managing Director, highlighted that the extension ensures continuity of operations without any loss of time due to resource mobilization. The company leverages existing machinery, equipment, and trained manpower for the project.

Contract Particulars