ITCONS E-Solutions Promoters Convert 11.27 Lakh Warrants into Equity Shares

Itcons e-solutions Limited has announced a substantial acquisition disclosure under SEBI Regulation 29(2), involving the conversion of warrants into equity shares by key promoters. The transaction, completed between January 06-07, 2026, represents a significant corporate development for the BSE-listed company.

Warrant Conversion Details

Three promoters exercised their option to convert warrants into equity shares during the specified period. The conversion involved a total of 11,26,600 warrants being transformed into an equal number of equity shares.

Promoter Name:	Warrants Converted	% of Total Share Capital	% of Diluted Capital
Mr. Adit Mittal:	2,35,200	3.27%	1.56%
Mr. Gaurav Mittal:	3,58,000	4.97%	2.38%
Mrs. Swati Jain:	5,33,400	7.41%	3.54%
Total:	11,26,600	15.64%	7.48%

Updated Shareholding Pattern

Following the warrant conversion, the promoter group's shareholding structure has been significantly enhanced. The collective holding of the three promoters now stands at substantial levels within the company's equity structure.

Promoter:	Current Holding	% of Share Capital	% of Diluted Capital
Mr. Adit Mittal:	6,04,000 shares	8.38%	4.01%
Mr. Gaurav Mittal:	23,19,154 shares	32.20%	15.39%
Mrs. Swati Jain:	16,30,822 shares	22.64%	10.82%
Combined Total:	45,53,997 shares	63.22%	30.22%

Capital Structure Impact

The warrant conversion has resulted in a notable expansion of the company's equity base. The equity share capital increased from ₹6.04 crores to ₹7.20 crores, representing the addition of 11,66,600 new equity shares of ₹10 each.

Parameter:	Before Conversion	After Conversion
Equity Share Capital:	₹6.04 crores	₹7.20 crores
Number of Shares:	60,36,526	72,03,126
Total Diluted Capital:	-	₹15.07 crores
Diluted Share Count:	-	1,50,68,726

Outstanding Warrants and Future Implications

The company originally issued 1,00,40,000 convertible share warrants to promoters and other investors on July 29, 2024. These warrants carry an 18-month conversion period and were subscribed at 25% upfront payment of the ₹71 per share issue price, complying with SEBI ICDR Regulations 2018.

Currently, 78,65,600 warrants remain outstanding across promoter and non-promoter categories. The fully diluted share capital calculation incorporates these remaining convertible instruments, providing investors with a comprehensive view of potential future equity expansion.

The disclosure was filed on behalf of the promoter group by Mr. Gaurav Mittal from Noida on January 08, 2026, ensuring compliance with regulatory requirements for substantial acquisition reporting.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.05%	-8.41%	-17.59%	-27.18%	-35.42%	+734.21%

ITCONS e-Solutions Ltd has successfully completed the allotment of 6,97,200 fully paid-up equity shares following the conversion of warrants on January 07, 2026. The Board of Directors approved this allotment during their meeting held on the same date, marking a significant capital expansion for the company.

Warrant Conversion Details

The latest allotment involved eight investors who exercised their conversion rights for a portion of their warrant holdings. The conversion details are structured as follows:

Allottee	Category	Total Warrants	Previously Converted	Current Conversion	Pending Conversion
Mrs Swati Jain	Promoter	22,24,000	3,44,400	2,64,000	16,15,600
Mr. Gaurav Mittal	Promoter	37,68,000	2,00,000	1,58,000	34,10,000
Mr. Adit Mittal	Promoter Group	6,90,000	3,68,800	2,35,200	86,000
Mr. Satish Kumar	Non-Promoter	8,000	0	8,000	0
Mr. Sunil	Non-Promoter	8,000	0	8,000	0
Mr. Mishra Harsh Kumar Sarvendra Kumar	Non-Promoter	8,000	0	8,000	0
Mr. Ramu Panjiyar	Non-Promoter	8,000	0	8,000	0
Ms. Pooja Gupta	Non-Promoter	8,000	0	8,000	0

The conversion was executed at an exercise price of ₹53.25 per warrant, representing 75% of the total warrant exercise price of ₹71.00. This brought in ₹3,71,25,900 to the company's coffers.

Impact on Share Capital and Ownership

The warrant conversion has resulted in a substantial increase in the company's paid-up equity capital. The capital structure transformation shows:

Parameter	Before Allotment	After Allotment
Paid-up Capital	₹6,50,59,260	₹7,20,31,260
Number of Shares	65,05,926	72,03,126
Face Value per Share	₹10.00	₹10.00

The shareholding pattern has been enhanced following this conversion:

Promoter	Pre-Issue Shares	Pre-Issue %	Shares Allotted	Post-Issue Shares	Post-Issue %
Mrs. Swati Jain	13,66,822	21.01%	2,64,000	16,30,822	22.64%
Mr. Gaurav Mittal	21,61,154	33.22%	1,58,000	23,19,154	32.20%
Mr. Adit Mittal	3,68,800	5.67%	2,35,200	6,04,000	8.39%

Outstanding Warrants Position

Despite this conversion, a significant number of warrants remain outstanding for future conversion. The updated warrant reconciliation reveals:

Particulars	Number of Warrants
Total Warrants Allotted (July 29, 2024)	1,00,40,000
Warrants Converted (till January 07, 2026)	21,74,400
Total Outstanding Warrants	78,65,600

The remaining 78,65,600 warrants can be converted into an equal number of equity shares by paying ₹53.25 per warrant within 18 months from the original allotment date of July 29, 2024.

Regulatory Compliance and Share Rights

The allotment was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The newly allotted equity shares rank pari passu with existing equity shares of the company in all respects, ensuring equal rights and privileges for all shareholders.

The Board meeting for this allotment commenced at 10:30 AM and concluded at 11:00 AM on January 07, 2026, with Company Secretary and Compliance Officer Pooja Gupta overseeing the regulatory compliance aspects of the transaction.