Power & Instrumentation (Gujarat) Limited has completed a significant warrant conversion exercise, allotting 5,43,531 equity shares to promoter and non-promoter entities. The Board of Directors approved the allotment in their meeting held on March 18, 2026, converting warrants at Rs. 83.75 per share including a premium of Rs. 73.75.

Major Warrant Conversion Details

The comprehensive warrant conversion involved six allottees, with PADMARAJ P PILLAI HUF leading the conversion by exercising 2,15,000 warrants. The conversion represents the final exercise of warrants from the company's preferential issue program.

Share Capital Enhancement

The warrant conversion has significantly enhanced Power & Instrumentation's equity base, with the paid-up share capital increasing from Rs. 20.33 crore to Rs. 20.87 crore. The allotment represents the completion of the company's warrant conversion program.

Promoter Group Strengthens Position

PADMARAJ P PILLAI HUF, part of the promoter group, has significantly strengthened its position by converting all remaining 2,15,000 warrants. The entity's total shareholding has increased to 8,00,000 equity shares, representing 3.83% of the expanded share capital.

Regulatory Compliance and Market Impact

The allotment was conducted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with comprehensive disclosures submitted to both NSE (Symbol: PIGL) and BSE (Scrip Code: 543912). The conversion price of Rs. 83.75 per share reflects confidence in the company's growth prospects.

The successful completion of the warrant conversion program demonstrates strong investor confidence and provides Power & Instrumentation with enhanced capital resources for future growth initiatives.

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.