The shareholder Sammaan Capital, company Avenir Investment RSC Ltd, has increased its stake in the company to 33.32%, up from the previous 28.34%. This occurred after warrants worth approximately 906 crore rupees were converted into common shares, according to regulatory filings submitted on Friday.
The company's Securities and Investment Committee approved the allocation of 8.69 crore fully paid ordinary shares of Avenir at an issue price of 139 rupees per share on October 30. This decision was made after payment of the remaining 75 percent of the subscription amount for the warrants.
Previously, the shareholder was allocated 8.69 crore warrants dated March 31, 2026, as part of a preferential placement based on private placement. Each warrant granted the right to purchase one fully paid ordinary share with a nominal value of 2 rupees.
Following the completion of the conversion, Avenir continues to hold 21.98 crore warrants, which can be exercised in one or more tranches until or by September 30, 2027. In the event of full conversion of all remaining warrants and no other changes to the company's share capital, the shareholder's stake will increase to 43.28 percent.
This distribution increased Sammaan Capital's paid-up share capital by approximately 2,498.89 crore rupees. This capital includes 124.84 crore fully paid ordinary shares and 30.13 lakh partially paid ordinary shares.
The new shares will have equal rights to existing company shares and will be listed on the BSE and National Stock Exchange subject to applicable laws.