Vardhman Polytex promoter group entity Oswal Holding Private Limited converted 1,47,75,000 warrants into equity shares between September 15 and September 17, 2026. The allotment marks the full conversion of all outstanding preferential warrants issued to the promoter group.

The share allotment was executed in three tranches over three days. On September 15, 2026, 55,00,000 shares were allotted. This was followed by an allotment of 55,25,000 shares on September 16, 2026, and a final tranche of 37,50,000 shares on September 17, 2026.

Shareholding Structure Changes

The conversion increases the promoter group's holding in the company. Before the acquisition, the promoter group held 19,17,72,910 shares carrying voting rights, representing 38.85% of the total share capital. The group also held 1,47,75,000 warrants, which constituted 2.91% of the diluted share capital.

After the conversion, the total holding of shares carrying voting rights stands at 20,65,47,910, or 40.63% of the total share capital. There are no warrants pending conversion out of the total 7,24,50,000 warrants originally issued on a preferential basis to the promoter group.

The company's total equity share capital increased from ₹49,36,44,004 (49,36,44,004 equity shares of Re. 1 each) to ₹50,84,19,004 (50,84,19,004 equity shares of Re. 1 each) following the allotment.

Promoter Group Holdings

The disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, lists the following entities as part of the promoter group's Persons Acting in Concert (PAC):

• Oswal Holding Private Limited
• Panchsheel Textile Mfg and Trading Co. Pvt. Ltd.
• Alma Assets Consultancy Pvt. Ltd.
• Alfort Merchants Pvt. Ltd.
• Nightnagle Dealcom Pvt. Ltd.
• Adish Oswal
• Manju Oswal
• Aketa Oswal
• Abhinav Oswal
• Rakhi Oswal
• Late Sh. Ashok Kumar Oswal
• Ashok Oswal (HUF)
• Kent Investments Pvt. Ltd.
• Ruby Mercantile Co. Pvt. Ltd.
• Gagan Mercantile Co. Pvt. Ltd.
• Pioneer Mercantile (India) Pvt. Ltd.
• Boras Investment and Trading Co. Pvt. Ltd.
• Adesh Investment and Trading Co. Pvt. Ltd.
• Enakshi Investments Pvt. Ltd.
• Liberty Mercantile Co. Pvt. Ltd.
• Allepy Investment and Trading Co. Pvt. Ltd.
• Calgary Investment and Trading Co. Pvt. Ltd.
• Amrante Trust through Rakhi Oswal, Trustee

No shares held by the acquirer are encumbered with pledge, lien, or non-disposal undertakings.

Vardhman Polytex promoter group acquired 1,06,25,000 equity shares through the conversion of warrants issued on a preferential basis. The allotment was completed on September 9, 2026.

The acquisition falls under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Oswal Holding Private Limited, acting as the primary acquirer alongside persons acting in concert (PAC), executed the transaction.

Shareholding Changes

The promoter group’s holding in shares carrying voting rights increased from 1,81,14,7910 shares (37.50%) to 1,91,77,2910 shares (38.85%). This represents an increase of 2.15% in terms of total share/voting capital.

The total diluted share/voting capital of the company stands at 5,08,41,90,04 shares, assuming full conversion of outstanding convertible securities. The equity share capital rose from ₹48,30,19,004 to ₹49,36,44,004 following the allotment.

Pending Warrants

Out of the total 7,24,50,000 warrants issued on a preferential basis to the promoter group, 1,47,75,000 warrants remain pending for conversion as of the date of this disclosure. These pending warrants represent approximately 2.91% of the total diluted share/voting capital.

What the Numbers Show

The conversion of warrants has solidified the promoter group's control without altering their diluted stake percentage, which remains constant at 40.63%. This indicates that while the immediate voting power has increased by over 1.3 percentage points, the potential dilution from remaining warrants is already factored into the broader ownership structure. The significant number of pending warrants (1.47 crore) suggests further potential for stake consolidation in the near term if conversion conditions are met.