ITCONS E-Solutions Ltd has received a Letter of Intent from Bharat Petroleum Corporation Limited (BPCL), a Government of India Enterprise, Southern Region, for providing comprehensive manpower services. The company disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Contract Specifications

The Letter of Intent outlines the key parameters for the manpower services engagement:

Regulatory Compliance

The company has fulfilled its disclosure obligations by informing BSE Limited about this significant contract award. The Letter of Intent commenced on February 3, 2026, and will remain in force until February 2, 2028, unless extended further by mutual agreement between the parties.

As per SEBI regulations, ITCONS E-Solutions confirmed that neither the promoter, promoter group, nor group companies have any interest in BPCL. The contract does not fall within related party transactions, ensuring arm's length dealing.

Business Impact

This Letter of Intent represents a significant milestone for ITCONS E-Solutions Ltd, reflecting continued trust from Government agencies in the company's service capabilities. The two-year contract duration provides revenue visibility and strengthens the company's position in the oil and gas sector.

The partnership with Bharat Petroleum Corporation Limited, a major public sector enterprise, demonstrates ITCONS E-Solutions' ability to serve large-scale government organizations. The company has indicated it will update the stock exchange regarding the execution of the formal agreement in due course.

ITCONS e-Solutions Limited has announced the lapse of 60.60 lakh warrants and forfeiture of upfront margin worth ₹10.76 crore following the expiry of the conversion period on January 30, 2026. The Board of Directors approved this decision during their meeting held on the same date, as the warrant holders failed to exercise their conversion option within the stipulated timeframe.

Warrant Allotment Details

The company had originally allotted 1.00 crore warrants on a preferential basis on July 29, 2024. Each warrant was priced at ₹71.00 and entitled the holder to apply for one equity share of face value ₹10.00 within 18 months from the allotment date.

Warrant Exercise and Lapse Summary

Out of the total warrants allotted, a significant portion remained unexercised by the deadline. The company disclosed the complete breakdown of warrant utilization and the resulting financial impact.

Major Warrant Holders Affected

The lapse affected 18 allottees, with Gaurav Mittal being the largest affected holder with 25.96 lakh warrants lapsed, resulting in forfeiture of ₹4.61 crore. Swati Jain followed with 12.57 lakh lapsed warrants worth ₹2.23 crore in forfeited amount.

Regulatory Compliance and Impact

The forfeiture was executed in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company confirmed that there would be no change in capital structure due to the warrant lapse. The forfeited amount of ₹10.76 crore represents the 25% upfront margin collected during the original warrant allotment, which now becomes part of the company's reserves.

Financial Implications

The warrant lapse results in the company retaining the upfront margin without issuing additional equity shares. This development means the company benefits from the forfeited funds while avoiding dilution of existing shareholding that would have occurred if the warrants were converted to equity shares.