Urja Ships Converts 16 Lakh Warrants to Acquire 9.32% Stake in Retaggio Industries

Urja Ships Private Limited has completed the conversion of 16,00,000 convertible warrants into equity shares of Retaggio Industries Limited, as disclosed in a comprehensive regulatory filing to BSE Limited on 7th March, 2026. The transaction was executed on 5th March, 2026, through preferential allotment pursuant to warrant conversion.

Transaction Structure and Pricing

The warrant conversion was completed at a face value of Rs. 10 per share with a premium of Rs. 16 per warrant, following a 1:1 conversion ratio. The converted warrants had an 18-month exercise window with no redemption provisions applicable.

Transaction Parameter:	Details
Shares Acquired:	16,00,000 equity shares
Conversion Date:	5th March, 2026
Face Value:	Rs. 10 per share
Premium:	Rs. 16 per warrant
Conversion Ratio:	1:1 (one warrant to one equity share)
Exercise Period:	18 months

Shareholding Pattern Transformation

The conversion significantly altered Urja Ships' position in Retaggio Industries. Prior to the transaction, the company held no equity shares but possessed 50,04,000 convertible warrants representing 14.43% of total diluted share capital.

Shareholding Details:	Before Conversion	After Conversion
Equity Shares:	-	16,00,000
% of Total Share Capital:	-	9.32%
% of Diluted Share Capital:	-	4.61%
Remaining Warrants:	50,04,000	34,04,000
Total Holdings (Shares + Warrants):	50,04,000	50,04,000

Capital Structure Impact

The warrant conversion resulted in substantial changes to Retaggio Industries' capital structure. The company's equity share capital increased from Rs. 15,56,61,600 to Rs. 17,16,61,600 following the allotment, while the total diluted share capital stands at Rs. 34,67,61,600 after the acquisition.

Regulatory Compliance and Disclosure

The formal disclosure was submitted by Sandeep Kothari, Director of Urja Ships Private Limited (DIN: 08574383), in strict compliance with Regulation 29 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that Urja Ships Private Limited does not belong to the promoter or promoter group of Retaggio Industries Limited.

Regulatory Details:	Information
Filing Regulation:	SEBI (SAST) Regulation 29
Disclosure Date:	7th March, 2026
Signatory:	Sandeep Kothari, Director
DIN:	08574383
Promoter Status:	Non-promoter entity

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-100.00%	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%

Retaggio Industries Limited has successfully completed its third tranche of equity allotment, issuing 3,02,000 equity shares through the conversion of convertible warrants. The Board of Directors approved this allotment during their meeting held on 12th March, 2026, at the company's registered office, with the meeting commencing at 10:30 a.m. and concluding at 10:45 a.m.

Board Meeting Outcome and Regulatory Framework

The warrant conversion has been executed in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, and follows the special resolution passed by shareholders on 11th December, 2025. The company received in-principle approval from BSE Limited vide letter number LOD/PREF/SS/FIP/1509/2026-27 dated 08th January, 2026.

Regulatory Aspect:	Details
Warrant Allotment Date:	21st January, 2026
Initial Payment:	Rs. 6.50 per warrant (25%)
Balance Payment:	Rs. 19.50 per equity share (75%)
Exercise Period:	18 months from allotment date
Total Issue Price:	Rs. 26.00 per share

Third Tranche Allotment Details

The latest allotment represents the conversion of 3,02,000 convertible warrants on a preferential basis to Uniworth Consultants Private Limited, the same allottee as the second tranche. As per Regulation 169(2) of the SEBI (ICDR) Regulations, 2018, 25% of the allotment price was paid at the time of subscription, with the balance 75% paid upon conversion exercise.

Parameter:	Details
Allottee:	Uniworth Consultants Private Limited
Number of Shares:	3,02,000
Face Value:	Rs. 10.00 each
75% Consideration Received:	Rs. 58,89,000.00
Pre-Issue Shareholding:	7,00,000 shares (3.91%)
Post-Allotment Shareholding:	10,02,000 shares (5.52%)
Conversion Ratio:	1:1 (One equity share per warrant)

Updated Capital Structure Impact

Following this third allotment, the company's paid-up equity share capital has increased to Rs. 18,16,81,600.00, divided into 1,81,68,160 equity shares of face value Rs. 10.00 each. The new equity shares issued rank pari-passu with the existing equity shares, ensuring equal rights and privileges for all shareholders.

Capital Metrics:	Post Third Allotment
Paid-up Equity Share Capital:	Rs. 18,16,81,600.00
Total Number of Shares:	1,81,68,160
Face Value per Share:	Rs. 10.00

Complete Warrant Conversion Summary

Retaggio Industries has now completed three tranches of warrant conversions within a span of seven days, demonstrating strong investor confidence and successful capital expansion strategy. The combined fundraising effort has resulted in substantial capital infusion for the company's growth initiatives.

Tranche Details:	First Tranche	Second Tranche	Third Tranche	Combined Total
Date:	05th March, 2026	09th March, 2026	12th March, 2026	-
Shares Allotted:	16,00,000	7,00,000	3,02,000	26,02,000
Amount Raised:	Rs. 3,12,00,000.00	Rs. 1,36,50,000.00	Rs. 58,89,000.00	Rs. 5,07,39,000.00
Allottee:	Urja Ships Pvt Ltd	Uniworth Consultants Pvt Ltd	Uniworth Consultants Pvt Ltd	-