ITCONS e-Solutions has announced the successful allotment of 8,70,200 fully paid-up equity shares of Rs. 10/- each following warrant conversion by 11 investors on January 29, 2026. The allotment was completed upon receipt of the remaining exercise price, generating significant proceeds for the company.

Warrant Conversion Details

The Board of Directors approved the conversion of warrants into equity shares at their meeting held on January 29, 2026. The allotment involved receipt of the remaining exercise price of Rs. 53.25/- per warrant, representing 75% of the total warrant exercise price of Rs. 71/- per warrant.

Investor-wise Allocation

The warrant conversion involved both promoter and public category investors, with detailed allocation across different stakeholders:

The promoter category accounted for the largest portion of conversions, with Mr. Gaurav Mittal converting 3,00,000 warrants and Mrs. Swati Jain converting 1,88,200 warrants.

Impact on Share Capital

The warrant conversion has resulted in a significant increase in the company's paid-up equity capital structure:

The newly allotted equity shares rank pari passu with existing equity shares of the company in all respects.

Outstanding Warrants Status

Following the current conversion, the company maintains a substantial number of outstanding warrants available for future conversion:

The remaining warrant holders are entitled to convert their warrants into an equal number of equity shares by paying Rs. 53.25/- per warrant within 18 months from the original warrant allotment date of July 29, 2024. This provides the company with potential additional capital raising opportunities of approximately Rs. 36.73 crore if all remaining warrants are exercised.

ITCONS e-Solutions Ltd has secured a substantial new contract worth ₹3,43,47,078 from the Public Works Department of Uttar Pradesh, marking another significant milestone in the company's government sector engagement. The contract, disclosed under Regulation 30 of SEBI listing requirements, involves providing manpower outsourcing services through deployment of 174 resources.

Contract Details and Scope

The comprehensive service agreement encompasses manpower outsourcing services for a six-month duration, demonstrating the government's confidence in ITCONS e-Solutions' service delivery capabilities. The contract value of ₹3,43,47,078 is inclusive of all taxes and duties, providing clarity on the total financial commitment.

Timeline and Implementation

The contract is scheduled to commence on February 01, 2026, and will remain in force until August 01, 2026. The agreement includes provisions for potential extension through mutual agreement between the parties, offering flexibility for continued collaboration beyond the initial six-month period.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under SEBI regulations, providing comprehensive details as required under SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The disclosure confirms this is a domestic contract with no related party transactions or promoter group interests involved.

Strategic Significance

The company has characterized this contract as a significant milestone, reflecting the continued trust placed by government agencies in their service capabilities. This government sector engagement reinforces ITCONS e-Solutions' position in the public sector manpower services market and demonstrates their ability to secure substantial contracts from established government departments.