Rudra Ecovation Forfeits ₹6.47 Crores from Unconverted Warrants After 18-Month Deadline

Rudra Ecovation Limited has announced the forfeiture of ₹6.47 crores from convertible warrants after certain warrant holders failed to exercise their conversion option within the regulatory deadline. The company informed BSE Limited on January 13, 2026, about the non-exercise of conversion rights for 26.87 lakh warrants, resulting in forfeiture of the initial subscription amount.

Warrant Allotment Details

The company had originally allotted 2.08 crore convertible warrants to 27 allottees on July 11, 2024, on a preferential basis. The warrants were issued at ₹48 per warrant, with warrant holders required to pay 25% of the issue price as initial subscription amount at the time of allotment. The total initial amount collected was ₹24.92 crores.

Parameter:	Details
Total Warrants Allotted:	2.08 crore
Issue Price per Warrant:	₹48.00
Initial Payment (25%):	₹12.00 per warrant
Total Initial Amount:	₹24.92 crores
Number of Allottees:	27

Forfeiture Breakdown

Two warrant holders failed to exercise their conversion option within the 18-month deadline that ended on January 10, 2026. The forfeiture affects both promoter and non-promoter categories, with the total forfeited amount calculated at 25% of the unconverted warrants' value.

Warrant Holder:	Category	Warrants Applied	Converted to Equity	Unconverted Warrants	Forfeited Amount
Dinesh Pareekh:	Non-Promoter	41.00 lakh	31.33 lakh	9.67 lakh	₹1.16 crores
Shiva Spinfab Pvt Ltd:	Promoter	57.50 lakh	40.30 lakh	17.20 lakh	₹2.06 crores
Total:		98.50 lakh	71.63 lakh	26.87 lakh	₹3.22 crores

Regulatory Compliance

The forfeiture action complies 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 must exercise their conversion option within 18 months from the allotment date, failing which the initial subscription amount is liable for forfeiture.

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing the stock exchange about this development. The intimation was signed by Nancy Singla, Company Secretary and Compliance Officer, and the information has been made available on the company's website at www.rudraecovation.com .

Impact on Company Finances

The forfeiture results in the company retaining ₹3.22 crores from the two affected warrant holders, representing 25% of their unconverted warrants' value. This amount was originally collected as initial subscription money and will now be absorbed into the company's finances as the conversion deadline has passed without exercise of the option by these specific warrant holders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.08%	-5.92%	-7.19%	-48.40%	-62.27%	+1,003.29%

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.

Parameter:	Details
Total Warrants Forfeited:	26,87,000
Issue Price per Warrant:	₹48.00
Initial Payment (25%):	₹12.00 per warrant
Total Forfeited Amount:	₹6.47 crores
Conversion Deadline:	January 10, 2026
Forfeiture Date:	January 13, 2026

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.

Warrant Holder:	Category	Warrants Applied	Converted to Equity	Forfeited Warrants
Dinesh Pareekh:	Non Promoter	41,00,000	31,33,000	9,67,000
Shiva Spinfab Private Limited:	Promoter	57,50,000	40,30,000	17,20,000
Total:		98,50,000	71,63,000	26,87,000

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.