Praxis Home Retail Converts 9 Lakh Warrants, Forfeits 36 Lakh Unexercised Warrants

Praxis Home Retail Limited (PHRL) has announced a corporate action involving the conversion of warrants into equity shares and the forfeiture of unexercised warrants. This development comes as part of the company's preferential allotment process initiated in May 2024.

Warrant Conversion and Allotment

On November 10, 2025, PHRL converted 901,526 warrants into an equivalent number of equity shares. This conversion was executed at Rs. 43.26 per warrant, following a warrant holder's exercise option on November 5, 2025. The newly allotted shares have a face value of Rs. 5 each.

Warrant History and Expiry

The company had originally issued 4,507,629 warrants on May 9, 2024, as part of a preferential allotment. These warrants carried an 18-month conversion period, set to expire on November 8, 2025. The warrant holders had the right to convert these instruments into fully paid-up equity shares within this timeframe.

Forfeiture of Unexercised Warrants

Following the partial conversion, a significant portion of the warrants remained unexercised. Consequently, 3,606,103 warrants have lapsed due to non-exercise within the stipulated conversion period. These unexercised warrants, held by Bennett, Coleman & Co. Limited, have been forfeited along with the rights attached to them.

Financial Implications

The warrant conversion and forfeiture process has notable financial implications for PHRL:

Particulars	Amount (in Rs.)
Original upfront amount received	4,87,50,008.00
Amount appropriated for allotment	3,90,00,014.76
Amount forfeited	3,90,00,004.00

The company has appropriated Rs. 4.88 crores from the initial warrant consideration against the allotment value of Rs. 3.90 crores for the converted warrants.

Impact on Capital Structure

PHRL has stated that there will be no change in the company's capital structure due to the lapse or cancellation of these warrants.

This corporate action demonstrates PHRL's ongoing capital management efforts and provides insight into the company's current financial strategies.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.03%	-6.58%	-9.96%	-5.93%	-53.05%	-29.60%

Praxis Home Retail Limited (PHRL) is currently facing a legal challenge regarding the validity of a lease deed. An Interlocutory Application has been filed against the company by Aegis Resolution Services Private Limited, acting as the Resolution Professional of Ojas Tradlease and Mall Management Private Limited, before the National Company Law Tribunal (NCLT) Mumbai Bench.

Key Details of the Legal Challenge

The application seeks the following directives from the NCLT:

To declare a lease deed dated March 23, 2022, between Ojas Tradlease and Mall Management Private Limited and Praxis Home Retail Limited as fraudulent and onerous.
To direct Praxis Home Retail Limited to compensate for losses.

Current Status and Company's Response

The application has not yet been admitted by the NCLT.
Praxis Home Retail Limited is currently seeking legal advice on the matter.
The company plans to defend its position in the proceedings.

Financial Implications

The financial impact of this legal challenge remains uncertain at this stage. PHRL has stated that the financial implications will be assessed based on the outcome of the NCLT proceedings.

Disclosure and Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Praxis Home Retail Limited has made this disclosure to keep stakeholders informed. The company has committed to updating the exchanges on any further developments in this matter.

This legal challenge underscores the importance of scrutinizing corporate actions and their potential impacts on companies' operations and financial standings. Investors and stakeholders of Praxis Home Retail Limited should keep a close eye on the developments of this case as it progresses through the NCLT.