Bonlon Industries Limited has announced that its Board of Directors has approved the reclassification of two promoter group entities from the 'Promoter/Promoter Group' category to the 'Public' category.

Entities Seeking Reclassification

The two entities approved for reclassification are:

1. B.C. Power Controls Limited
2. Vayusthali Constructions Private Limited

Key Points of the Reclassification

• Both entities currently hold 0.00% shareholding in the company.
• They have confirmed that they do not participate in the company's management.
• Neither entity holds any key managerial positions in Bonlon Industries Limited.
• The entities have confirmed they have no special rights through formal or informal arrangements.

Regulatory Compliance

• The reclassification is subject to approval from BSE Limited.
• It complies with Regulation 31A of SEBI Listing Regulations.
• Vayusthali Constructions Private Limited has been struck off as per MCA filing status.

Next Steps

Upon receiving necessary approvals, the company will effect this reclassification in its shareholding pattern from the immediate succeeding quarter.

Implications

This reclassification, once approved, may impact the company's promoter holding structure and could have implications for corporate governance.

Investors and stakeholders of Bonlon Industries Limited should monitor further announcements from the company regarding the final approval of these reclassification requests and any subsequent changes in the shareholding pattern.

Bonlon Industries Limited has announced a significant corporate action involving its promoter group. Arun Kumar Jain and associated promoter group entities have acquired 1.07 crore warrants through a preferential allotment. This move could potentially increase the promoter group's stake in the company upon conversion of the warrants.

Key Details of the Warrant Allotment

• Number of Warrants: 1.07 crore
• Conversion Ratio: Each warrant is convertible into one equity share
• Face Value: Rs. 10 per equity share
• Warrant Issue Price: Rs. 33 (75% payable within 18 months for conversion)

Promoter Group Holdings

Warrant Allocation to Promoter Group Entities

Impact on Share Capital

• Pre-Allotment Share Capital: Rs. 14,18,33,580 (1,41,83,358 equity shares)
• Post-Conversion Share Capital: Rs. 26,23,83,580 (2,62,38,358 equity shares)

It's important to note that the warrant holders do not have voting rights until the warrants are converted into equity shares. The conversion is contingent upon the payment of the remaining 75% of the warrant issue price (Rs. 24.75 per warrant) within 18 months from the allotment date.

This preferential allotment of warrants to the promoter group could potentially lead to a significant increase in their shareholding and voting rights in Bonlon Industries Limited, subject to the conversion of these warrants into equity shares within the stipulated timeframe.