Uravi Defence and Technology Limited has announced the completion of its warrant conversion process, providing shareholders with an update on the exercise and lapse of warrants issued earlier. The company communicated the development to both NSE and BSE.

Warrant Conversion Details

Uravi Defence and Technology Limited reported the conversion of 4 lakh warrants into equity shares. However, 11 lakh warrants lapsed upon the expiry of the exercise period on December 12, 2025.

Warrant Allotment Details

The Board of Directors had approved the allotment of warrants through a circular resolution dated June 13, 2025. The warrant issuance was structured with specific terms and regulatory compliance measures.

Conversion and Lapse Summary

The warrant exercise period concluded on December 12, 2025, resulting in a mixed outcome for warrant holders. The company reported that a portion of the warrants were successfully converted while a significant number lapsed due to non-exercise.

Regulatory Compliance

The warrant conversion process was conducted in compliance with SEBI regulations governing capital issuance and disclosure requirements. The company maintained transparency throughout the process by providing timely updates to stock exchanges and stakeholders.

The communication was signed by Kaushik Damji Gada, Whole-time Director and CFO (DIN: 00515876), and submitted to both the National Stock Exchange of India Limited and BSE Limited through their respective electronic platforms.

Corporate Information

Uravi Defence and Technology Limited operates multiple manufacturing facilities across India, including plants in Maharashtra and Jammu & Kashmir.

Uravi Defence and Technology Limited has successfully appointed new statutory auditors following the recent resignation of its previous auditing firm due to remuneration disputes.

Previous Auditor Resignation

New Auditor Appointment

The Board of Directors, on the recommendation of the Audit Committee, has approved the appointment of M/s Viren Gandhi & Co. (Chartered Accountants) as the company's new statutory auditors effective December 10, 2025.

About the New Auditing Firm

Viren Gandhi & Co. is a multi-disciplinary Chartered Accountancy firm offering comprehensive services in core areas including IND AS Convergence, Statutory Audits, Direct/Indirect Taxation, and Regulatory Functions. The firm also provides Business Advisory and Management Consultancy services. Notably, Viren Gandhi & Co. is a Peer Reviewed firm and possesses the requisite ICAI Certificate for the same.

Regulatory Compliance and Next Steps

The appointment is subject to approval by members at a general meeting pursuant to provisions of Section 139(8) of the Companies Act, 2013, which must be conducted within three months from the date of appointment. The company has disclosed this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This development ensures continuity in the company's audit functions and demonstrates the board's commitment to maintaining proper governance standards following the previous auditor's departure over remuneration disagreements.