PADMARAJ P PILLAI HUF, a promoter group entity, has acquired 2,85,000 equity shares of Power and Instrumentation (Gujarat) Limited through warrant conversion following a Board meeting held on March 10, 2026. The acquisition was disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Acquisition Details

The shares were acquired through preferential allotment, with the warrants being converted into equity shares. The acquisition represents a strategic move by the promoter group to increase their stake in the company.

Shareholding Pattern Changes

Prior to this acquisition, PADMARAJ P PILLAI HUF held 8,00,000 warrants representing 4.01% of the total share capital and 3.78% of the diluted share capital. The entity had no direct equity shareholding before this conversion.

Warrant Conversion Terms

The converted warrants were Fully Convertible Warrants, each convertible into one fully paid-up equity share of the company with a face value of Rs. 10.00. The issue price was set at Rs. 83.75 per warrant, with a conversion period of 18 months from the date of allotment.

Impact on Company's Share Capital

Following this acquisition, the company's equity share capital structure has been updated:

The company's shares are listed on both the National Stock Exchange of India Limited (Symbol: PIGL) and BSE Limited (Scrip Code: 543912). PADMARAJ P PILLAI HUF continues to hold 5,15,000 remaining warrants that can be converted within the specified timeframe, which could further increase their shareholding in the company.

Power & Instrumentation (Gujarat) Limited announced the successful allotment of equity shares through warrant conversion following a board meeting held on March 10, 2026. The board meeting, which commenced at 10:50 A.M. and concluded at 11:20 A.M. at the company's registered office in Ahmedabad, Gujarat, approved significant capital structure changes.

Latest Warrant Conversion Details

The board approved the allotment of 4,84,600 equity shares of Rs. 10.00 each at a premium of Rs. 73.75 per equity share. This latest allotment resulted from the conversion of an equal number of convertible warrants that were originally part of a larger issuance.

Allottee Distribution and Shareholding

The warrant conversion was distributed among three entities, including both promoter and non-promoter categories. The allotment details show the post-conversion shareholding pattern for each allottee.

Previous Warrant Conversion Activity

This follows an earlier warrant conversion that took place on March 03, 2026, where the company had allotted 1,73,530 equity shares through warrant conversion to non-promoter Manisha Vipulkumar Pathak. That conversion was executed at the same pricing of Rs. 83.75 per share.

Original Warrant Framework and Remaining Conversions

Both conversions are part of a substantial issuance of 50,96,000 convertible warrants that were issued and allotted on September 21, 2024. The company has now converted a total of 34,13,530 warrants into equity shares before this latest allotment, with 6,35,400 warrants still pending conversion.

Cumulative Impact on Share Capital

The latest warrant conversion has resulted in a significant increase in the company's paid-up equity capital structure. The capital expansion reflects the company's ongoing efforts to strengthen its financial position through equity participation.

Regulatory Compliance

The allotment was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this corporate action, ensuring transparency and regulatory compliance. The decision was formally communicated by Managing Director Padmaraj P. Pillai, who signed the disclosure document on behalf of the company.