Rudra Ecovation Limited has announced the forfeiture of 26,87,000 convertible warrants following the expiry of the conversion period on January 10, 2026. The Board of Directors approved this decision in their meeting held on January 13, 2026, in compliance with SEBI regulations.

Warrant Forfeiture Details

The forfeited warrants were part of a larger preferential allotment of 2,07,65,000 convertible warrants issued to 27 allottees on July 11, 2024. The warrants were issued at ₹48.00 per warrant, with warrant holders required to pay 25% of the issue price as initial subscription amount.

Affected Warrant Holders

Two warrant holders failed to exercise their conversion option within the 18-month period from the original allotment date. The breakdown of forfeited warrants shows significant non-conversion by both promoter and non-promoter categories.

Regulatory Compliance

The forfeiture action was taken in accordance with Regulation 169(3) of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. Under these regulations, warrant holders who fail to exercise their conversion option within the specified timeframe forfeit the initial 25% payment made at the time of warrant allotment.

The company has informed BSE Limited about this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 1:00 PM and concluded at 1:30 PM on January 13, 2026.

Financial Impact

Out of the total 98,50,000 warrants applied for by the two affected holders, 71,63,000 warrants were successfully converted to equity shares. However, the remaining 26,87,000 warrants representing approximately 27.28% of their total warrant holdings could not be converted within the deadline, resulting in the forfeiture of ₹6.47 crores in initial subscription amounts.

Rudra Ecovation Limited has received a substantial equity investment from its promoter group entity, Shiva Spinfab Private Limited, through the conversion of warrants into equity shares. The acquisition, completed over two days in January 2026, represents a significant increase in the promoter group's stake in the company.

Acquisition Details

Shiva Spinfab Private Limited acquired a total of 27,80,000 equity shares through warrant conversion on two separate dates:

The acquisition was made through preferential allotment, with warrants being converted at a ratio of 1:1, allowing warrant holders to apply for one fully paid-up equity share of face value ₹1.00 each at a premium of ₹47.00 per share.

Shareholding Pattern Changes

The acquisition has resulted in a notable change in the promoter group's shareholding pattern:

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirer, Shiva Spinfab Private Limited, is identified as a member of the promoter group and acts in concert with several entities including Akhil Malhotra, Mayank Malhotra, Brijeshwari Textiles Private Limited, Balmukhi Textiles Private Limited, and Simmi Malhotra.

Company Capital Structure

Following the acquisition, Rudra Ecovation Limited's capital structure has been updated:

The company, formerly known as Himachal Fibres Limited, is listed on the Bombay Stock Exchange Limited (BSE) under scrip code 514010. The remaining 17,20,000 warrants held by Shiva Spinfab Private Limited can be converted within 18 months from the original allotment date, providing potential for further equity participation.