Baid Finserv Limited has filed regulatory disclosures under SEBI Regulation 29(2) following the successful completion of warrant conversion that resulted in allotment of 48,02,732 equity shares to promoter group entities. The Board of Directors had approved this allotment in a meeting held on March 12, 2026, at the company's registered office in Jaipur.

SEBI Regulatory Compliance and Auditor Certificate Submission

The company submitted mandatory disclosures to BSE Limited and National Stock Exchange of India Limited on March 16, 2026, pursuant to Regulation 29(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Additionally, the company submitted a statutory auditor certificate from M/s ABSM & Associates, Chartered Accountants (Firm Registration No: 015966C) confirming compliance with Regulation 169(5) of the ICDR Regulations.

Warrant Conversion Details and Payment Structure

The warrant conversion involved two promoter group entities converting their holdings after the warrants were originally issued through preferential allotment on April 09, 2025. Each warrant was convertible into one equity share at Rs. 15.10 per share, with warrant holders having paid 25% upfront and the remaining 75% upon conversion. The statutory auditor certified that the company received the full consideration amount of Rs. 5,43,90,940 from the respective allottees' bank accounts.

Auditor Verification and Compliance Certification

M/s ABSM & Associates conducted a limited assurance engagement to verify compliance with ICDR Regulation 169(4) requirements. The auditor confirmed that consideration for warrant conversion was received from respective allottees' bank accounts with no circulation of funds or book entries. The certificate was issued under UDIN: 26402527EJCCCQ6310 by Partner Anoop Bhatia (Membership No: 402527).

Impact on Shareholding Structure

The warrant conversion has significantly enhanced the promoter group's stake in the company, with their collective shareholding increasing from 45.71% to 47.39%. The total promoter group now holds 7,33,99,736 equity shares compared to 6,85,97,004 shares before the conversion.

Outstanding Warrants and Future Conversions

Following this conversion, the promoter group still holds 72,04,099 outstanding warrants that remain convertible. The original warrant issuance included 1,20,06,831 warrants with an 18-month conversion period from the April 2025 allotment date.

The newly allotted equity shares rank pari-passu with existing equity shares and are listed on both BSE Limited and National Stock Exchange of India Limited. The conversion was completed in full compliance with SEBI regulations and ICDR requirements, as certified by the statutory auditor.

Baid Finserv Limited has reported zero activity in physical share transfer requests during the recent reporting period under SEBI's special re-lodgement window. The company submitted its mandatory report to BSE Limited and National Stock Exchange of India Limited on March 16, 2026, covering the period from February 05, 2026 to March 04, 2026.

Compliance with SEBI Circular

The report was filed in accordance with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026. This circular established a special window for re-lodgement of transfer requests of physical shares, requiring companies to submit periodic reports on the status of such requests through their registrar and share transfer agents.

Transfer Request Status Report

MCS Share Transfer Agent Limited, serving as the registrar to Baid Finserv Limited, provided the detailed status report dated March 10, 2026. The report covered all aspects of physical share transfer activity during the specified period:

Rejection Details

The report also included a section for rejected transfer requests, which showed no rejections during the period. The template format indicated that any rejected requests would include details such as transferor name, purchaser name, number of shares, and clear reasons for rejection.

Regulatory Framework

The special window initiative by SEBI aims to facilitate the re-lodgement of physical share transfer requests that may have been pending or required resubmission. Companies are required to maintain detailed records and submit regular reports through their registrar and share transfer agents to ensure transparency and compliance with regulatory requirements.

Company Information

Baid Finserv Limited, with its registered office in Jaipur, Rajasthan, trades on both BSE (Scrip ID: 511724) and NSE (Symbol: BAIDFIN). The company's compliance officer, Surbhi Rawat, submitted the report as part of the company's ongoing regulatory obligations.