Balu Forge Industries has completed the allotment of 17,10,000 Equity Shares following the exercise of Convertible Warrants. These shares, with a face value of Rs. 10 each, were issued at an aggregate price of Rs. 360 per share (including a premium of Rs. 350). The transaction involved both Promoter Group and Non-Promoter Group investors, realizing a total consideration of Rs. 46.17 crore for the final installment.
Completion of Warrant Conversion and Share Allotment
Balu Forge Industries Limited announced today, 09th March, 2026, the successful allotment of securities pursuant to the exercise of warrants. The Board of Directors approved the allotment of 17,10,000 Equity Shares, each having a face value of Rs. 10/-.
The issuance price for these shares was set at Rs. 360/- per share. This issue price incorporates a significant premium of Rs. 350/- per share, and the shares are now fully paid up.
Investor Details and Consideration
The allotment occurred following the exercise of convertible warrants on a 1:1 basis—one equity share for every warrant exercised. The total consideration received for this final tranche amounted to Rs. 46,17,00,000/- (Rupees Forty-Six Crore Seventeen Lakhs). This amount represents the remaining 75% of the total consideration, with the initial 25% having been received upon the allotment of the warrants themselves.
Key allottees and their contributions are detailed below:
- Trimaan Jaspalsingh Chandock (Promoter Group): Received 15,00,000 shares for a consideration of Rs. 40,50,00,000/-.
- Rakesh Hasmukhlal Kanabar (Non-Promoter Group): Received 1,10,000 shares for a consideration of Rs. 2,97,00,000/-.
- Harish Vasudevan (Non-Promoter Group): Received 1,00,000 shares for a consideration of Rs. 2,70,00,000/-.
Management Confirmation
The corporate action was confirmed and signed by Jaspalsingh Chandock, Managing Director, underscoring the commitment to fulfilling the terms established for the preferential issuance of the convertible warrants.
Source: BSE
